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PCAOB previews improvements from 2015 inspection cycle

Tammy Whitehouse | April 20, 2016

Audit regulators say their preliminary counts from inspections performed in 2015 suggest the number of audit deficiencies for the largest firms has fallen, although deficiencies at smaller firms overall is high.

The Public Company Accounting Oversight Board has not yet published any 2015 inspection reports for the largest global audit networks, but the board summarized its preliminary findings to get information out to audit committees, investors, issuers, and others sooner than by waiting for reports to be published. The board says its inspectors observed “indications of improved audit quality over time in some of the firms inspected,” attributing those improvements to new practice aids and checklists, coaching and support to audit teams, and monitoring of the quality of audit work performed.

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