By Kyle Brasseur2024-05-01T15:57:00
The Public Company Accounting Oversight Board (PCAOB) published the full results of its 2022 inspection for Big Four firm KPMG after its initial report contained more than two dozen redactions.
The amended report, made available by the PCAOB on Friday, replaces the original published in February. At that time, the redactions raised eyebrows in the audit community as an atypical move undertaken by the regulator.
Though the full report does not address why the initial report contained redactions, it does identify a 29.6 percent deficiency rate observed among 54 KPMG audits reviewed during the 2022 inspection cycle. That figure places KPMG in the middle of the pack among its Big Four counterparts, behind PwC (9.3 percent) and Deloitte (17 percent) but ahead of EY (46.3 percent).
2024-04-10T18:35:00Z By Aaron Nicodemus
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
2024-03-07T15:31:00Z By Kyle Brasseur
Three of the Big Four audit firms saw increases to the deficiency rates observed in their latest Public Company Accounting Oversight Board inspection reports, while KPMG had its results redacted.
2023-10-16T14:29:00Z By Kyle Brasseur
A new staff report issued by the Public Company Accounting Oversight Board seeks to provide best practices for auditors amid observations of rising deficiency rates related to engagement quality reviews.
2025-10-15T19:16:00Z By Ruth Prickett
Auditors are supposed to keep businesses honest, but how much regulation is the optimum for the auditors – and how onerous and punitive should the enforcement regime be? A new consultation by the U.K. regulator, the Financial Reporting Council, opened on Oct. 1 and has put the vexed question of ...
2025-10-07T20:32:00Z By Jaclyn Jaeger
Emerging technologies, like artificial intelligence (AI) and advanced data analytics, can improve audit quality in significant ways. As the regulatory overseer of public-company audits, the Public Company Accounting Oversight Board (PCAOB) has a critical role to play by ensuring that its audit standards evolve as the audit profession evolves.
2025-07-21T14:13:00Z By Aaron Nicodemus
Continuing a Trump administration practice of firing independent regulators, the head of the Public Accounting Oversight Board has been sent packing.
Site powered by Webvision Cloud