All Audit Deficiencies articles
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ArticleGrant Thornton UK fined for ‘skepticism failures’ in Interserve audit
Grant Thornton UK received a “severe reprimand” and reduced penalty of £718,250 (U.S. $981,000) for breaches that arose in the context of audit work on the 2015-17 financial statements of now-collapsed construction firm Interserve.
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ArticleBDO shows improvement in latest PCAOB inspection
The PCAOB says it found fault with 39 percent of the audits inspected at BDO USA in 2017 – the firm’s first time with a deficiency rate below 50 percent since 2011.
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ArticleMore cheating charges at KPMG: SEC fines firm $50M
The SEC has fined KPMG for not only allegations of cheating on regulatory inspections, but also new charges of numerous auditors cheating on training exams.
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ArticleRegulators globally still call for better audits
While encouraged by the trend in audit inspection results, global audit regulators report they are still seeing levels of audit deficiency that command continued focus on improvement.
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Blog
AICPA develops new benefit plan auditing standards
With new professional standards soon to be finalized, auditors are working on a plan to improve the quality of employee benefit plan audits.
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Blog
PCAOB report gives Deloitte its lowest deficiency rate
Deloitte & Touche’s recently published 2017 audit inspection report reflects the lowest deficiency rate the firm has ever earned.
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Blog
SEC disciplines Crowe, two partners over audit failures
The SEC has settled charges against Crowe and two of its partners for “significant audit failures” connected to a payroll services firm that went bankrupt.
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Blog
Delayed inspection reports will show plateau in audit improvements
When reports begin to emerge on the latest inspection findings for the major audit firms, they will show no broad, appreciable improvements over the prior year.