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Latest EY inspection shows improvement in error rate

Tammy Whitehouse | November 10, 2016

The latest audit inspection results for EY show the firm failed in 29 percent of the audits inspected in 2015 to perform a clean audit, but that’s an improvement over results from the year before.

The Public Company Accounting Oversight Board’s newest report for EY says inspectors selected 55 audits to inspect and found problems in 16 of them for a bust rate of 29 percent. That’s better than the 20 busted audits out of 56 inspected the year before, where the rate was 36 percent.

In a statement, EY said it is committed to audit quality. “We are proud of our progress, and we value and fully support the PCAOB’s inspection process as it helps us to improve audit quality,” the firm said.

The PCAOB says 14 of the 16 deficient audits exhibited problems with the audit of internal control over financial reporting, which is...

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