All Inspections articles – Page 2

  • Blog post

    Accounting estimate audit risks get uneven scrutiny, study says

    2017-05-04T14:45:00Z

    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.

  • Blog post

    Is KPMG getting tainted audit inspection results?

    2017-04-12T19:00:00Z

    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.

  • Blog post

    EY Indonesia firm settles $1 million action with PCAOB

    2017-02-10T08:00:00Z

    U.S. audit regulators have settled a $1 million action with an EY affiliate in Indonesia over allegations of audit failure and noncooperation.

  • Blog post

    2015 audit inspections show some gains, some blown opinions

    2016-08-31T12:15:00Z

    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earliest 2015 inspection results show some reductions in deficient audits, but also increases in restatements and withdrawn opinions.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.

  • Blog post

    PCAOB issues 2014 report on Grant Thornton, showing gains

    2016-08-31T12:15:00Z

    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.

  • Blog post

    Audit inspections show some gains in internal control

    2016-08-19T08:30:00Z

    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.

  • Blog post

    PCAOB targets controls, related parties in 2016 inspections

    2016-07-15T09:00:00Z

    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. ...

  • Blog post

    Audit regulators globally pen agreement to share information

    2016-07-13T16:45:00Z

    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.

  • Blog post

    PCAOB ponders possible change in inspection approach

    2016-05-06T12:00:00Z

    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.

  • Blog post

    PCAOB previews improvements from 2015 inspection cycle

    2016-04-20T14:15:00Z

    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 ...

  • Blog post

    Where Audits Go Awry, Internal Control Audit is Faulty Too, Analysis Shows

    2016-01-28T20:45:00Z

    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 ...

  • Blog post

    PCAOB’s Top Inspector Shares Plans for 2016

    2015-12-16T10:30:00Z

    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 ...

  • Blog post

    PCAOB’s Top Inspector Shares Plans for 2016

    2015-12-16T10:30:00Z

    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 ...

  • Blog post

    Early 2015 Inspection Results Hint to Some Improvements

    2015-11-17T14:45:00Z

    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 ...

  • Blog post

    PCAOB Sanctions Small Firms for Quality Reviews

    2015-07-27T13:45:00Z

    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. ...

  • Article

    Audit Inspections: Improvement? Maybe. Costs? Yes.

    2015-04-14T09:30:00Z

    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 ...

  • Blog post

    Deloitte Advances Ucuzoglu to Lead Audit Practice

    2015-03-16T19:30:00Z

    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 ...

  • Blog post

    Franzel Reveals Progress in Internal Control Audits

    2015-03-11T13:30:00Z

    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 ...

  • Blog post

    PCAOB Wraps 2013 Reports With Grant Thornton

    2015-03-10T16:30:00Z

    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 ...

  • Blog post

    Globally, Audit Inspectors Find Big Problems

    2015-03-04T13:00:00Z

    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 ...