All Inspections articles – Page 2
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Blog
Accounting estimate audit risks get uneven scrutiny, study says
Auditors are scrutinizing the risk of management bias in arriving at accounting estimates, but not so much when it comes to the risk of measurement imprecision.
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Is KPMG getting tainted audit inspection results?
The inspection information leak that led to dismissals at KPMG and the PCAOB raises big questions about how to assure fair and transparent inspection results for all Big 4 firms.
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EY Indonesia firm settles $1 million action with PCAOB
U.S. audit regulators have settled a $1 million action with an EY affiliate in Indonesia over allegations of audit failure and noncooperation.
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Blog
2015 audit inspections show some gains, some blown opinions
The PCAOB’s earliest 2015 inspection results show some reductions in deficient audits, but also increases in restatements and withdrawn opinions. More from Tammy Whitehouse.
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PCAOB issues 2014 report on Grant Thornton, showing gains
The PCAOB has published its last 2014 inspection report on the eight largest firms, showing gains at Grant Thornton from a year prior and slight improvement across major firms. Tammy Whitehouse reports.
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Audit inspections show some gains in internal control
The PCAOB is encouraged by improvements it sees in audit inspections in internal control, but the agency is still troubled by the nature of the problems it identifies. Tammy Whitehouse reports.
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PCAOB targets controls, related parties in 2016 inspections
As inspectors are fanning out this year to scrutinize 2015 financial statement audits, they are looking for all the usual problem areas that have plagued audit firms the past few years, but they’re also looking at economic risks and how well auditors have observed a new standard on related-party transactions. ...
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Audit regulators globally pen agreement to share information
The International Forum of Independent Audit Regulators has adopted a memorandum of understanding around how audit regulators will cooperate in exchanging information for audit oversight purposes. Tammy Whitehouse has more.
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PCAOB ponders possible change in inspection approach
Word from the Public Company Accounting Oversight Board is that the inspections process could be changing. According to board member Jeanette Franzel, the agency is “exploring the potential for more random selection of audits and audit areas to inspect.” Tammy Whitehouse has more.
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PCAOB previews improvements from 2015 inspection cycle
A staff inspection brief issued this month by the PCAOB showed that preliminary counts from inspections performed in 2015 suggest the number of audit deficiencies for the largest firms has fallen, while deficiencies at smaller firms is, overall, high. The PCAOB brief stated that inspectors observed “indications of improved audit ...
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Where Audits Go Awry, Internal Control Audit is Faulty Too, Analysis Shows
Image: Big 4 firms exhibited problems in 35 percent of all audit engagements inspected in 2014, and a whopping 84 percent of those deficient audits involved problems with internal control over financial reporting, according to an analysis by Dan Goelzer, a former member and acting chair of the PCAOB. The ...
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Blog
PCAOB’s Top Inspector Shares Plans for 2016
Image: When audit inspectors begin work on 2015 financial statements, they will be looking closely at the audit of internal controls, accounting estimates, misstatement risks. Those are the key themes from the 2014 financial statement inspections, said Helen Munter, director of inspections for the PCAOB. “Audit committees might wish to ...
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Blog
PCAOB’s Top Inspector Shares Plans for 2016
Image: When audit inspectors begin work on 2015 financial statements, they will be looking closely at the audit of internal controls, accounting estimates, misstatement risks. Those are the key themes from the 2014 financial statement inspections, said Helen Munter, director of inspections for the PCAOB. “Audit committees might wish to ...
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Blog
Early 2015 Inspection Results Hint to Some Improvements
Image: PCAOB Chairman Jim Doty met recently with FASB’s Standing Advisory Group to provide an early look at 2015 inspection results. “Overall early results indicate that the number of deficiencies identified in the engagements inspected appears to be declining from the 2014 inspections results,” he said. “These results vary for ...
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Blog
PCAOB Sanctions Small Firms for Quality Reviews
Audit regulators have disciplined seven small audit firms and some of their employees for lapses in internal reviews of audit engagement reviews. The PCAOB censured the seven firms, from across the country, together with seven individuals and the companies for their violations of Auditing Standard No. 7: Engagement Quality Review. ...
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Article
Audit Inspections: Improvement? Maybe. Costs? Yes.
Image: Five years of increasingly rigorous PCAOB inspections have driven audit firms to improve their efforts at scrutinizing corporate financial statements and internal control. Companies receiving that pressure say the heightened scrutiny is clear; the question is whether it is making audits better, or just bigger and more expensive. “Companies ...
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Deloitte Advances Ucuzoglu to Lead Audit Practice
Image: After Deloitte advanced its head of audit to CEO in February, the firm has appointed Joseph Ucuzoglu chairman and CEO of subsidiary Deloitte & Touche. Ucuzoglu says he has a handful of near-term priorities that focus on innovating the audit practice to elevate audit quality. “We want to really ...
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Blog
Franzel Reveals Progress in Internal Control Audits
Image: PCAOB member Jeanette Franzel said to expect improvements in the audit of internal control once 2014 audit inspections are published. “Preliminary results of the 2014 inspections indicate that some improvements have been seen in the area of auditing internal control,” Franzel said at the recent IIA annual conference. “That ...
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Blog
PCAOB Wraps 2013 Reports With Grant Thornton
The Public Company Accounting Oversight Board has published a tough report on Grant Thornton, finding problems in 20 of 36 audits inspected, a failure rate of 55 percent. Inspectors said the deficiencies were significant enough to conclude auditors did not obtain sufficient audit evidence before arriving at their conclusions. Details ...
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Globally, Audit Inspectors Find Big Problems
U.S. audit regulators are not the only ones alarmed by high rates of busted audits. Around the globe, audit regulators who are members of the International Forum of Independent Audit Regulators compared notes and found nearly half of the audits they inspected in 2014 contained deficiencies that suggest the audit ...
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