PwC Out of the Running for This Year’s “Worst Performance By a Big 4 Audit Firm”

Posted on by Caleb Newquist

The PCAOB, bless their hearts, released a forgettable inspection report from PwC today. The deficiency rate, 29%, is still in the range we're used to, but was lower than last year, so that's something. Michael Rapoport reports that this deficiency rate is better than EY's (36%) but not as good as Deloitte's (21%) and that KPMG's report "is expected to be released in the next few months." Cross your fingers, Klynveldians. [PCAOB, WSJ, Earlier]

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Here Are the PCAOB’s Ideas for Changes to the Auditor’s Report

Now before you get all worked up about these, the Board is inviting everyone to throw out comments before September 30th, make other suggestions and participate in a roundtable during the third quarter in case you are inclined to heckle them for making your life more difficult. Anyway, here’s what they’ve got:

• An auditor’s discussion and analysis;
• Required and expanded use of emphasis paragraphs;
• Auditor assurance on other information outside the financial statements; and,
• Clarification of language in the standard auditor’s report.

These are just suggestions mind you, so if you’ve got something better in mind, feel free to share below.

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