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PCAOB Delivers Harsh Inspection Findings to KPMG

Tammy Whitehouse | November 10, 2015

When officials at the Public Company Accounting Oversight Board speak of improvements in audit inspection results at some firms, they likely are not speaking of KPMG.

The PCAOB has published its 2014 report for KPMG showing inspectors selected 52 audits for inspection and found fault with 28 of them, or 54 percent. It marks the first time inspectors found problems with more than half of the audits they selected at a Big 4 firm.

KPMG is the last of the Big 4 firms to see its 2014 inspection report published, and it’s the only Big 4 firm to see its deficiency rate rise rather than fall from the year before. In its 2014 report, Deloitte posted a deficiency rate of 21 percent...

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