PracticeAuditPCAOB finds errors with KPMG’s audits

PCAOB finds errors with KPMG's audits

PCAOB finds audit errors, KPMG points out that errors did not result in restatements by clients

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.

Further reading:

PCAOB
Exposes KPMG Problems

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

3d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor