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PCAOB report gives Deloitte its lowest deficiency rate

Tammy Whitehouse | January 8, 2019

Deloitte & Touche’s recently published 2017 audit inspection report reflects the lowest deficiency rate the firm has ever earned.

In its first report on a major firm from the 2017 inspection cycle, the Public Company Accounting Oversight Board says it inspected portions of 55 audit files at Deloitte, 52 of them integrated audits on both financial statements and internal control over financial reporting. Inspectors said they found deficiencies in 11 of the audits significant enough to conclude auditors didn’t obtain sufficient evidence to support their audit opinions.

That’s a 20-percent rate of deficiency for the firm in 2017, an improvement over the 24-percent rate in both 2016 and...

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