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KPMG Draws Ire in 2013 Report; New Carping Over Old Quality Issues

Tammy Whitehouse | October 24, 2014

The Public Company Accounting Oversight Board says KPMG failed in 46 percent of its inspected audits in 2013 to arrive at an adequately supported audit opinion, and failed to adequately address quality control issues raised in earlier inspections.

The PCAOB published the results of its 2013 inspection of KPMG and flagged 23 of the 50 audits that inspectors examined as having problems. At the same time, the PCAOB republished the firm’s 2011 and 2010 inspection reports indicating KPMG did not correct quality control problems, prompting the board to expose concerns that previously had been kept private.

In the 2013 report, the PCAOB tallied 20 instances out of the 23 deficient audits where auditors failed to comply with Auditing...

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