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KPMG's latest inspection shows more modest improvement

Tammy Whitehouse | December 6, 2016

The last of the Big 4 inspection reports from audit regulators, this one on KPMG, shows another modest improvement in audit errors, although no one is yet jumping for joy over deficiency findings.

The 2015 inspection report for KPMG says inspectors selected a total of 52 audit files to inspect and found deficiencies in 20 of them significant enough to call out, for an failure rate of 38 percent. That’s more than one-third of the audits selected, but an improvement nonetheless over the 50-percent error rate found at KPMG in its 2014 inspection.

Consistent with findings at other major firms and in prior year reports, the PCAOB hammered hard on internal control over financial reporting. The report says 17 of the 20 audits called out with deficiencies contained...

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