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Deloitte Inspection Report Shows Reduced Audit Deficiencies

Tammy Whitehouse | June 2, 2015

Audit regulators found fault with 21 percent of the audits inspected at Deloitte in 2014, lower than any rate delivered for any major firm since 2009.

The Public Company Accounting Oversight Board also revealed its expanded inspection reports with the Deloitte report, delivering more insight into the types of problems it found, the number of deficiencies in each problem audit, and the types of companies where problems were most prevalent. Deloitte's is the first major firm report to be published revealing 2014 inspection findings.

The 2014 inspection report for Deloitte, which covers inspections performed in 2014 on 2013 financial statement audits, shows inspectors dug into 53 audit files and found problems in 11 of them. Four of the deficient audits exhibited problems...

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