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PCAOB Report on EY Hammers Hard on Internal Control

Tammy Whitehouse | August 29, 2014

EY delivered failed audits in almost half of the audits inspected by the Public Company Accounting Oversight Board in 2013 and blew the audit of internal control in nearly every one of those cases.

It was the first time a Big 4 firm has come so close to the 50-percent mark in the five years the PCAOB has provided data in its inspection reports. EY’s is the third of the Big 4 firms to have its report published in 2014 reflecting 2013 inspections of 2012 financial statements. PwC took heat for 32 percent of its audits inspected, and Deloitte for 28 percent of its inspected audit work. KPMG’s 2013 report has not yet been published, nor have any reports on the second-tier major firms.

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