AMERICA’S ACCOUNTANCY WATCHDOG has uncovered a series of failures in audit work conducted by the US arms of PwC and KPMG.
In its latest set of inspections, the Public Company Accounting Oversight Board (PCAOB) found a worrying number of deficiencies in the audit work carried out by the two firms.
According to its report both firms were guilty of failing to obtain “sufficient and appropriate” evidence to support their audit opinions on the financial statements and the effectiveness of the issuer’s internal control over financial reporting.
For instance, in one audit KPMG failed to evaluate whether certain control deficiencies – some of which related to identified misstatements that exceeded KPMG’s established level of materiality – represented material weaknesses individually.
In the case of PwC, one of the deficiencies relates to auditing aspects of an issuer’s financial statements that it restated after the primary inspection procedures.
Internal auditors are earn more than external consulting auditors, analysis by salary-bench marking site Emolument.com has found
ICAS and the FRC have called for action to prevent a potential audit skills gap in the future, with the launch of a new report
BDO has announced two key international appointments as the firm continues to expand in its private client business across the BDO global network
Online accountancy firm, My Accountant Friend (MAF), has opened its latest office in Birmingham and recruited new partner, Richard Ingledew