One-third of the limited number of inspection reports so far published by the Public Company Accounting Oversight Board have identified deficiencies in select audit engagements. In two cases, reports note that the inspection process ultimately led to an issuer’s restatement of financials.
Fewer than a dozen inspection reports completed in 2004 have been posted online so far by the PCAOB (see box at right). Results are being posted online as reports are finalized and ready to be published, a PCAOB spokesperson said.
