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BDO 2015 report shows more restatements, withdrawn opinions

Tammy Whitehouse | April 25, 2017

Audit regulators have published the last of the major 2015 inspection reports showing a little more than half of the audits inspected at BDO USA contained deficiencies, several so significant they led to restatements and withdrawn internal control opinions.

The Public Company Accounting Oversight Board says inspectors in 2015 selected 23 audit files for scrutiny at BDO and found fault in 12 of them, or 52 percent. That’s the highest rate of busted audits for any of the major firms that year, but still an improvement for BDO over its 2014 results, which reflected a failure rate of 74 percent.

Of the 12 BDO audits called out by the PCAOB in 2015, three revealed deficiencies in the financial statement audit that failed to uncover accounting anomalies so serious, they ultimately led to restatement. Inspection revelations in three of the 12 failed audits also led the firm to withdraw its...

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