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.
