PCAOB Terror Tour 2012 continues with the release of the inspection for Oakbrook Terrace's own Crowe Horwath. Up until this point, we thought that no one was going to make a run at the deplorable performances of Deloitte and McGladrey but ol' Crowe (as opposed to Old Crow) has managed to do it.
PCAOB examiners found deficiencies in eight out of thirteen audits inspected for its 2010 report. Feel free to crunch the numbers. True, that's the lowest number of audits for a firm we've reported on, but when you consider that CH only had two deficiencies for its 2009 inspection, that's… that's not good. But does that make Crowe the worst? You tell us.
Compliance Week reports that the findings are very similar to those of the other top eight firms with "most comments revolv[ing] around allowances for loan losses, impairments, and over-reliance on third-party pricing services for establishing fair values."
In other words, the audit firms are in a firm lockstep of craptacularness. Enjoy: