Given the scrutiny audit firms have faced in the wake of recent accounting scandals, companies have braced for more rigorous audits. But according to a new survey conducted by CFO magazine, companies still generally prevail in the audit process.

Thirty-eight percent of CFOs reported being challenged during an audit in the past year. But of those whose financials were questioned, only 43 percent changed their practices to secure their auditor's approval. "Some 57 percent of companies that have been challenged did not alter their statements," says Julia Homer, editor-in-chief of CFO magazine. "Twenty-five percent got the auditor to agree to the practice in question, while 32 percent convinced the auditor that the results were immaterial."

A full 69 percent of the questioned results involved reserve amounts, and 36 percent involved revenue recognition.

Meanwhile, despite all the calls for overhauling the accounting industry, most CFOs voiced opposition to specific reforms. Some 52 percent, in fact, did not believe audit firms should be banned from providing consulting services to clients; 65 percent did not think auditors should be barred from going to work for clients for a specified period; and 52 percent did not think it wise to rotate auditors on a regular basis. "For CFOs, says Homer, "all of these proposals are just going to make their jobs more time-consuming and expensive."

The survey was based on the responses of 170 CFOs, 51 percent of whom worked at public companies. Featured in the September issue of CFO, it is the second of a four-part series documenting finance executives' response to the recent financial scandals. The first survey on financial disclosure was published in August. Follow-up surveys will examine the changing relationship between finance executives and the investment banking community, and changing pressures on the audit committee.

CFO is published monthly by CFO Publishing Corp., a division of The Economist Group.