Well, the PCAOB is slowly but surely cranking out more 2012 inspection reports and today, McGladrey gets to celebrate an accomplishment: being better at auditing than Grant Thornton (though I suppose given GT's embarrassing audit failure rate, that isn't saying much). Not only that, they're slightly better than EY and only slightly worse than PwC. DANG y'all, look at McG go!
- Grant Thornton 65%
- BDO 55%
- Crowe Horwath 50%
- EY 48%
- McGladrey 43.75%
- PwC 39%
- KPMG 34%
- Deloitte 25%
You'll note McGladrey improved from 50% last year, which means at least one firm decided to listen to those clowns at the PCAOB (no offense, clowns, you know I love you) and get their shit together.
Full report is below for your reading pleasure:
The dynamics at both the PCAOB and the Big Four are horrible. The incentive at the Big Four is to keep prices down to the point at which it’s impossible for a new entrant to break into their charmed group; after all, if it means they end up cutting corners, the worst that happens is that they get gummed by the toothless PCAOB. [