The Public Company Accounting Oversight Board issued its 2017 inspection report on PwC showing an uptick in the percentage of audits with deficiencies.
Inspectors selected 55 audits for inspection at PwC and found problems in 13 of them, or 24 percent. That’s an increase from the 20 percent rate reported in PwC’s 2016 report. The PCAOB notes one of the deficiencies it found prompted an issuer to make adjustments to its financial statements. The report also says certain deficiencies relate to internal control testing where the firm “revised its opinions on the effectiveness of the issuer’s ICFR to express an adverse opinion” after the inspection.
