Please ensure Javascript is enabled for purposes of website accessibility
November 28, 2022

The Auditors’ Auditors Got a Clean Audit Opinion From Their Auditors

The PCAOB posted their 2012 annual report to its website today and it's filled with all kinds of interesting information.

It's the end of a Monday, so we only managed to pull a few examples:

  • There were nine audit firms inspected in 2012 that had more than 100 public company audit clients in 2011. They were: BDO, Crowe Horwath, Deloitte, EY, Grant Thornton, KPMG, MaloneBailey, McGladrey, and PwC.
  • There were 999 U.S. registered audit firms and 716 non-U.S. registered audit firms that had no issuer audit reports.
  • China has 96 registered public accounting firms, second to only the U.S.
  • Here's a noteworthy observation we can't take credit for:

  • The PCAOB has a watchdog, the Office of Internal Oversight and Performance Assurance, which fulfills a role similar to a Inspector General for a government agency. Here's a list of all their reports. 
  • If you've ever earnestly asked the question, "Who audits the auditors' auditors?" the answer is: "Blum, Shapiro & Company, P.C." And yes, they got a clean audit opinion. It's on pages 38-39.
  • Financial statements start on page 41. They're remarkably unremarkable, but feel free to pick them over can call out anything noteworthy.

Get a load of the full report on the next page. It should keep you busy until tomorrow's open meeting.   

 

PCAOB 2012 Annual Report

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

PCAOB Hopes Updating Quality Control Rules Will Maybe Prevent Audit Firms From Constantly Breaking Quality Control Rules

From the earliest days of Going Concern until most recently last month, quality control has been a problematic thing for audit firms. For example, the firm that employed the guy who just got the largest fine the PCAOB has ever given to an individual auditor couldn’t get its quality control systems under control: From 2018 […]

The PCAOB Thinks It Deserves a 12.6% Raise

These days everyone wants a raise that is at least as high as the rate of inflation, which is currently 7.75%. The PCAOB does too. At an open meeting held today [Nov. 18], the Public Company Accounting Oversight Board approved its fiscal year 2023 budget and 2022-2026 strategic plan. […] The 2023 budget is guided by the […]