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PCAOB Wraps 2013 Reports With Grant Thornton

Tammy Whitehouse | March 10, 2015

Audit regulators have published the last of the 2013 inspection reports on the eight largest firms, rounding out another blistering year for audit firms as they continue to adjust their audit practices to answer heavy criticism.

The Public Company Accounting Oversight Board published its latest report on Grant Thornton, showing inspectors dug into 36 audit files and found problems with 20 of them, or 55 percent. Inspectors said the deficiencies were significant enough to conclude auditors did not obtain sufficient audit evidence before arriving at their conclusions. In one case, the inspection findings and subsequent work led to a company  restating its financial statements, the PCAOB said.

In 15 of the 20 busted audits, the PCAOB says the firm’s auditors failed...

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