Investors displayed more confidence in UK audited financial information in 2007 than compared to a year before, the latest Institute of Chartered Accountants in England & Wales (ICAEW) survey has revealed.
The study, which consulted the views of 100 UK-based and 100 US-based Fund Managers, saw audited annual accounts to be one of the Top 3 financial information considerations made by investors when contemplating a decision.
An impressive 94 per cent of UK Fund Managers had a great deal or fair amount of confidence in UK audits, with one in ten's confidence increasing over the past 12 months.
Michael Izza, Chief Executive of the ICAEW, commented: "This research not only demonstrates the importance of the audit but also the trust that people, particularly investors, place in the results.
Auditors maintaining the high standards
"The financial decisions that investors make are based on a wealth of knowledge and information. Auditors are playing their part in ensuring their work is performed to the highest standards."
The ICAEW's research found that the introduction of EU benchmarks - such as the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs) - made audited information from Accountants even more trustworthy information.
Another reason which could explain the increasing confidence of audits held by investors was the fact that more than 90 per cent had a clear understanding of four prominent elements to the role of an Auditor.
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