A survey done conducted by Audimation Services at the Illinois Society of CPA’s business show indicated that the majority of accounting professionals agree with the need for strict assurances of auditor independence.
The survey of 166 accounting professionals emphasized proposed regulations by the SEC regarding auditing activities. The results were as follows:
95 percent agreed that to guarantee the independence of auditors from full-service firms assurances should be required.
46 percent agreed that current auditing standards should be more tightly regulated.
81 percent recognized the relationship between audits and consulting services.
63 percent agree that restrictions placed on relationships with audit clients of a non-audit or other business level was a good way to ensure independence.
38 percent would like to restrict other business relationships.
33 percent felt that proxy disclosure statements should be required.