PCAOB finds audit errors, KPMG points out that errors did not result in restatements by clients
Accountancy Age, 30 Jul 2007
The US audit oversight body has found KPMG had 14 audit deficiencies during its 2006 inspection of the firm.
According to the Public Company Accounting Oversight Body, the faults – which occurred at seven of the firm's clients - included failure to identify accounting errors and material weaknesses in internal controls over financial reporting.
The firm responded to the findings by performing additional procedures on some of its 2005 audits.
In a letter of response to the PCAOB on 12 July, KPMG said it had made changes to financial reports which were erroneous.
The firm also pointed out to the PCAOB that nothing had been found that required financial restatements.
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