Please ensure Javascript is enabled for purposes of website accessibility

Deloitte Kicks off PCAOB Inspection Season with a Respectable Failure Rate* (by Deloitte Standards)

Oh lookie here, PCAOB inspection reports are out today. We shall gloss over Mantyla McReynolds, LLC and CF & Co., L.L.P, going straight to what we want.

Deloitte is first out of the gate for the 2013 inspection season, perhaps due to the fact that 52 audits were inspected and only a measly 15 deemed "failures" by the PCAOB. That's, like, really good, you guys.

You will fondly recall that Deloitte has been hard at work over the last few years trying to get its audits together, crawling up from an embarrassing 45 percent failure rate in 2010 to 42 percent in 2011 and 25 percent in 2012.

Deloitte, like most audit firms, is still having a little trouble with that pesky Auditing Standard No. 5, racking up three more dings in that category over last year. You will also notice the addition of Auditing Standard 14, which did not appear on Deloitte's 2012 inspection report.

Let's take a look:

The rest of the report is pretty much standard nit-picking on the part of the PCAOB. Board member Jay Hanson warned us all that 2013 reports would show audit firms are still struggling to please their PCAOB overlords when it comes to determing the effectiveness of the controls tested, so it's pretty amazing that Deloitte managed to pull off a 28.8% failure rate.*

Nice work, Big D!

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.

Comments are closed.

Related articles

FUBAR keyboard key

Deloitte Risk Advisory Associate Director Who Praised Hitler on LinkedIn No Longer Works at Deloitte

Ed. note: this article’s headline has been changed as we don’t actually know if he got fired or not. Neerabh Mehrotra, formerly Associate Director at Deloitte India, has been let go after he gushed over Adolf Hitler’s charisma, intelligence, and confidence on LinkedIn. The post: Text transcription, courtesy Google Lens: 😊Friday Inspiration😍 Recently I picked […]

Deloitte Picks Up an EY Alum As Chief Tax Officer-in-Residence

This one is fresh off the newswire. Deloitte announced its Chief Tax Officer Program is bringing on Paul Stephens, a 25 year veteran of AT&T, to serve as independent senior advisor. His job will be to advise Deloitte Tax staff and senior leadership “while also helping CTOs and their finance organizations create value for their […]