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KPMG Gets Annual Inspection From PCAOB

Tammy Whitehouse | September 4, 2008

KPMG has become the latest major audit firm to take heat from the Public Company Accounting Oversight Board over a handful of audit missteps.

In its annual inspection, the PCAOB visited KPMG’s national office and 24 of its 90 U.S. field offices to pore over audit files looking for errors. Inspectors picked apart 10 audits in particular where they found problems that suggest the firm “had not obtained sufficient competent evidential matter to support its opinion on the issuer’s financial statements.”

The deficiencies included not only inadequate audit procedures (in the eyes of PCAOB inspectors, at least) but also undiscovered accounting mistakes. KPMG spokesman Dan Ginsburg says the firm conducted a thorough review of issues raised by inspectors and performed some additional procedures and documentation where warranted. None of those matters resulted in a restatement or having to reissue...

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