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PCAOB calls out two-thirds of audits at BDO USA

Tammy Whitehouse | September 25, 2018

Audit regulators have handed BDO USA another scathing inspection report, finding 67 percent of the audits examined in 2016 failed to comply with standards.

The Public Company Accounting Oversight Board selected 24 audits for inspection during its 2016 inspection cycle and found multiple problems in 16 of those audits, or two-thirds. Across the 16 audits, inspectors called out nearly 100 separate violations of auditing standards, including 38 separate instances of failing to comply with Auditing Standard No. 5, which governs the audit of internal control over financial reporting.

Across the eight largest audit firms—minus KPMG, whose 2016 report has not yet been published after...

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