PracticeAuditDeloitte to PCAOB: Don’t Second-Guess us

Deloitte to PCAOB: Don't Second-Guess us

Big Four firm hits back at audit watchdog's critical report

Deloitte has criticised the US Public Company Accounting Oversight Board for
trying to second guess its auditors after the US audit watchdog found audit
deficiencies at nine of the Big Four firm’s clients, CFO.com reported.

The Public Company Accounting Oversight Board found audit deficiencies at
nine of Deloitte’s clients, including one that restated its financials in light
of the PCAOB’s findings, according to CFO.

However, Deloitte questioned the conclusions of the PCAOB in a letter
responding to watchdog’s report.

‘A number of the PCAOB’s comments relate to situations in which we believe
that the engagement team … made and documented well-reasoned and supported
judgments during the audit,’ Deloitte wrote in a letter dated March 26,
according to CFO. ‘In our view, such reasonable judgments should be respected
and not second-guessed.’

In a letter included in the report, dated March 26, 2009, Deloitte objected
that PCAOB had made those deficiencies public, reminding the accounting-firm
regulator that professional judgments may vary over the amount of work that
needs to be done for auditing.

Further reading:

Deloitte to
PCAOB: Don’t Second-Guess Us

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