The Public Company Accounting Oversight Board churned out another bundle of audit reports recently, most notably for Deloitte & Touche and McGladrey & Pullen, continuing to point out specific instances where audits fell short in complying with the Board’s auditing standards.
Making good on its promise to quicken the inspection reporting process, the Board’s reports based on the 2006 inspection cycle are pouring out faster and in greater numbers than last year. PCAOB member Daniel Goelzer tells Compliance Week that reports have been published for four of the eight largest firms that are inspected annually and for 66 smaller firms, “a considerably faster cycle than in earlier years.”
