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Globally, Audit Inspectors Find Big Problems

Tammy Whitehouse | March 4, 2015

U.S. audit regulators are not the only ones alarmed by high rates of busted audits. Around the globe, audit regulators who are members of the International Forum of Independent Audit Regulators compared notes and found nearly half of the audits they inspected in 2014 contained deficiencies that suggest the audit firm didn’t have enough evidence to issue a sound opinion.

Ferguson-lewis-0315In its 2014 Survey of Inspection Findings, IFIAR said 47 percent of audits inspected contained deficiencies, 24 percent of them problems with internal control testing, 20 percent with fair value measurement, and 14 percent with revenue recognition. Those are some of the...

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