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Capital markets support hard-working Americans to make everyday life possible.
Our capital markets are fueled by the unseen work of auditors who enhance the trust and confidence of company-reported financial information, giving the people that drive our economy the confidence they need to thrive.
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Two decades after the passage of the Sarbanes-Oxley Act (SOX) in 2002, audit quality remains strong.
The combination of balancing expertise through the multidisciplinary model of public company audit firms and the strength of auditor independence requirements created by SOX laid a foundation for high-quality financial statements and audits. Over the years, the public company auditing profession has continued to emphasize independence and expertise while also constantly innovating to improve the quality and reliability of audits today — using new technologies, machine learning, and data and analytics. Today, this combination of auditor expertise, independence, and continuous innovation all contribute to a strengthening system of audit quality.
Building on this foundation, auditors are continuously evolving to meet the needs of rapidly changing capital markets, including meeting the demand for company information outside of the traditional financial statements, such as ESG information, and to maintain the high-quality audit standards that improve audit quality.
Explore more of our resources on how the public company auditing profession is evolving to build trust in the capital markets and maintain high audit quality.
"Auditing is essential to maintaining the integrity of our capital markets, and the public should have confidence that audits are conducted with independence, objectivity, and professional skepticism."
Chairman Gary Gensler, US Securities and Exchange Commission
The Value of the Audit
Examine the importance of well-functioning capital markets to the economy, the historical importance of audited financial statements, and the roles and responsibilities of each key stakeholder in the US financial reporting supply chain.
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