The Public Company Accounting Oversight published its first major inspection report of the 2013 cycle, giving Deloitte a 28-percent audit failure rate after studying 53 audit files.
In raw numbers, that’s a mild decline in the failure rate Deloitte posted in its 2012 inspection cycle when the PCAOB found fault with 13 of 52 audits inspected, or 25 percent, For that audit cycle, that was a big improvement over 41 percent in 2011 and 45 percent in 2010.
