On November 4, 2019, the CFA Society of New York hosted ‘‘What Investors Need to Know About Audits,’’ a forum that focused on the state of today’s audit process, how it has and continues to change over time, and what signals investors should look for when evaluating financial statements. Among the five speakers was Audit Analytics CEO Michael Nohrden, who presented on ‘‘Are Audits Improving?’’

In this article, Audit Analytics summarizes the ideas discussed during Nohrden’s presentation and evaluates the state of today’s audit process by looking at four areas of financial reporting: internal controls, financial restatements, audit opinions and PCAOB inspections.