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PwC Inspection Drives Restatements, Revised Opinions

Tammy Whitehouse | July 1, 2014

PwC's 2013 regulatory audit inspection led to four restatements and five revised audit opinions on internal control, according to the firm's recently published inspection report.

PwC took flak on 32 percent of the audits inspected by the Public Company Accounting Oversight Board in 2013, an improvement over the 39 percent of audits described as deficient the year before. The PCAOB picked apart 57 audit files, plus two additional audits where PwC played a substantial role, in its annual routine inspection of the Big 4 firm.

In 19 of those audits, the PCAOB found deficiencies that led to four restatements and five revised audit opinions on the effectiveness of internal control over financial reporting, either to issue an adverse opinion or to elicit disclosure of a previously undisclosed material...

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