Center for audit quality survey: investor confidence in U.S. capital markets declines.

PositionAccounting & auditing news

Although investors are less confident in the U.S. capital markets than they were a year ago, 70% or more continue to voice confidence in the markets and U.S. companies in general, as well as in audited financial statements, according to the second annual survey of investors from the Center for Audit Quality (www.thecaq.org), an AICPA affiliate.

In July 2007, 84% of investors surveyed expressed confidence in the U.S. capital markets. Last year's survey was conducted before clear public evidence of mortgage and credit market difficulties. Rising gas and oil prices, the weakness of the U.S. dollar and the home foreclosure crisis were cited by investors as the top three reasons for their reduced faith now. Respondents also have slightly less confidence in capital markets outside the United States (62%, down from 65%) than they did last year at this time.

Demonstrating the highly prized reputation CPAs have garnered, public confidence in audited financial statements remains high at 73%, although down from 80% a year...

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