All Audit Inspection articles
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PremiumFRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve
The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
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ArticlePCAOB 2021 inspection reports: PwC sees best results again; EY deficiencies increase
For the second straight year, PwC fared the best among inspection results released by the Public Company Accounting Oversight Board for the largest U.S. audit firms, including each of the Big Four, Grant Thornton, and BDO.
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ArticleFRC 2021/22 audit inspections: KPMG praised; BDO and Mazars rebuked
Improvements at KPMG resulted in each of the Big Four returning no audits requiring significant improvement during an inspection cycle for the first time in the last five years, according to the U.K. Financial Reporting Council’s latest quality review results.
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ArticlePCAOB 2020 inspection reports: PwC bucks deficiency trend, dethrones Deloitte
PwC ended its three-year run of increasing deficiency percentages to boast the lowest rate among Big Four firms in the PCAOB’s 2020 inspection reports—the first time Deloitte hasn’t performed best since 2016.
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ArticleFRC 2020/21 audit inspections: KPMG rebuked over continued struggles
The U.K. Financial Reporting Council released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.
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ArticlePCAOB 2019 inspection reports: Deloitte still tops; PwC deficiency rate rises again
Three of the Big Four audit firms—Deloitte, EY, and KPMG—improved their year-over-year deficiency percentage in the PCAOB’s 2019 inspection reports, while PwC’s deficiency rate increased for the third straight year.
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ArticleFRC audit inspections: Deloitte leads way as quality declines as a whole
The Financial Reporting Council published the results of its latest round of audit inspections, concluding one-third of the reviewed audits conducted by the seven largest U.K. firms required a notable level of improvement.
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ArticlePCAOB inspection reports: Deloitte shines in 2018; KPMG still behind
The Public Company Accounting Oversight Board issued 2018 inspection reports for the six largest U.S. audit firms, with Deloitte boasting the fewest deficiencies among the Big Four and KPMG struggling most.
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ArticleMarket punishes auditors who flag control issues, study says
Auditors walk a fine line in reporting adverse internal controls, straddling regulators when they fail to flag weaknesses but punished in the market when they do.
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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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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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BlogPCAOB disciplines former, current Grant Thornton partners
The PCAOB has delivered an enforcement action to a former partner and current partner at Grant Thornton over an audit dating back to 2013.
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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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No change in audit-non-audit mix in U.S., KPMG says
Amid reports that KPMG is drawing a firmer line between audit and non-audit services in the United Kingdom, the firm has no similar plans in the United States.
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Third ex-KPMG partner pleads guilty in inspection leak
A third ex-KPMG partner has consented to a guilty plea in connection with charges of fraud and conspiracy in regulatory inspections.
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Ex-KPMG leader pleads guilty in inspection leak case
A former KPMG leader has pled guilty to four counts of fraud and conspiracy in connection with an operation to subvert the regulatory inspection process.
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Adverse audit opinions on ICFR taper off in 2017
For the first time since 2010, adverse auditor opinions on internal control over financial reporting tapered off in 2017.
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PCAOB calls out two-thirds of audits at BDO USA
The PCAOB has handed BDO USA another scathing inspection report, finding 67 percent of the audits examined in 2016 failed to comply with standards.