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McGladrey Backslides in Latest PCAOB Inspection

Tammy Whitehouse | September 23, 2015

The Public Company Accounting Oversight Board found fault with nearly half the audits inspected at McGladrey in 2014, according to the firm’s latest inspection report.

In inspections performed in 2014 on 2013 financial statements, the PCAOB called out seven of the 15 audits they studied as failing to meet auditing standards. Only two of the seven faulty audits exhibited problems in both the financial statement audit and the audit of internal control over financial reporting, the report says. Of the remaining five, three had problems just in the financial statement audit, and two had problems just in the audit of internal control.

Across all the audits with deficiencies, the PCAOB noted 10 separate instances where auditors failed to comply with Auditing Standard No. 5...

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