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PCAOB delivers searing inspection report to BDO USA

Tammy Whitehouse | April 6, 2016

Audit regulators delivered a blistering 2014 inspection report to BDO USA, finding problems in 74 percent of audits selected for inspection, a record high rate among major firms.

Inspectors for the Public Company Accounting Oversight Board selected 23 audits for inspection and found problems in 17 that it considered significant enough that it appeared the firm didn’t do enough work to support its audit opinion. Of the 17 busted audits, 15 contained problems in both the audit of financial statements and the audit of internal control. Two inspected audits involved problems with only the audit of financial statements.

The PCAOB says the audit deficiencies described in the report fell into four major categories: failures to sufficiently test the design or operating effectiveness of controls...

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