Audit inspectors in the US say they are still finding ‘deficiencies’ in
‘important audit areas’.
The Public Company Accounting Oversight Board have conducted a four-year
review of its inspections of eight auditors and have expressed ongoing concerns.
The board said the deficiencies continue in ‘critical and high-risk parts of
audits’ including revenue, fair value, management estimates and determination of
materiality and audit scope.
The report said: ‘In some cases, the deficiencies appeared to have been
caused, at least in part, by the failure to apply an appropriate level of
professional scepticism when conducting audit procedures and evaluating audit
result. In addition, even in areas where inspectors have observed general
improvement, deficiencies continue to arise.
‘The inspectors will continue to focus on the significant areas where they
have encountered deficiencies.’
The firms covered by the report are
BDO Seidman, LLP
Crowe Chizek and Company LLC
Deloitte & Touche LLP
Ernst & Young LLP
Grant Thornton LLP
McGladrey & Pullen, LLP
Read the PCAOB report
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