A survey of auditors of public companies released Wednesday found a majority have great concerns about the state of the economy and inflation.

The Center for Audit Quality surveyed a sample of 700 partners at public audit firms, those who make sure public companies’ financial reports match their actual transactions, at all kinds of companies across every sector.

Julie Bell Lindsay, CEO of the Center for Audit Quality, said a major takeaway from the first-of-its-kind survey is audit partners are not confident about the economy.

“You’ve got inflation that’s largely driven by post-pandemic demand, as well as public spending and then, the war in Ukraine,” Lindsay outlined. “The results also suggest that this current economic situation is probably going to remain for at least the next 12 months, if not beyond.”

More than three-quarters of respondents believe companies will end up raising consumer prices by more than historical trends to offset the impacts of inflation. And the percentage is expected to be higher for those in the consumer and industrial product sectors.

Lindsay pointed out audits have been done for more than 100 years, and auditors can provide a birds-eye view into companies.

“If you think about how you do an audit, you have to get into the company, you have to understand the risks, you have to understand the strategy,” Lindsay explained. “So, public company auditors do have a very unique perspective when it comes to providing their views on the state of the capital markets.”

She added the survey also revealed auditors are worried about cybersecurity threats, and do not think companies are doing enough to preempt them.

She noted those whose primary industries are either financial services or technology, telecommunications, media and entertainment reported cybersecurity issues as one of the top three facing the economy. And more than 60% of the auditors surveyed feel companies are taking climate change into account in their corporate strategy.