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PwC Shows Small Improvement in Latest Inspection Report

Tammy Whitehouse | July 21, 2015

The Public Company Accounting Oversight Board found fault with 29 percent of the audits inspected at PwC in 2014, a slight improvement for the firm over the 32 percent reported in 2013.

The PCAOB picked apart 58 audit files in its 2014 inspection of PwC’s audits of 2013 financial statements, finding problems in 17 audits serious enough to suggest the firm didn’t adequately support its audit opinion. In one case, the PCAOB says, the firm’s work following the inspection finding led to an issuer restating its financial statements. In four other audits, PwC revised its opinion on the company’s internal control over financial reporting to express an adverse opinion, according to the PCAOB’s inspection report.

The PCAOB says out of 17 of the flagged audits, nine contained...

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