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Calling out usual audit ills, PCAOB also ponders next steps

Tammy Whitehouse | November 14, 2017

Audit firms have taken measures to respond to adverse regulatory inspection findings, but have they done the right things? And have they done enough?

Those are the questions the Public Company Accounting Oversight Board is beginning to ask as it assesses its 2016 inspection outcomes and explains its findings in a new summary report. The board has not yet published any individual reports on any of the major network firms arising from inspections performed more than a year ago in 2016, so the new inspection brief airs at least the overarching concerns publicly for the first time.

The inspection brief reveals that the nature of audit deficiencies called out the major network firms in 2016 inspection...

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