This got by us for some reason, but Compliance Week noted Crowe Horwath's atrocious error rate in its 2011 PCAOB inspection reports was by far the worst among the eight largest audit firms.
Here's the ranking of firms, from best to worst, and their error rate:
1. KPMG — 22.6%
2. EY — 35.7%
3. BDO — 39.1%
4. Grant Thornton — 40%
5. PwC — 41%
6. Deloitte — 42.3%
7. McGladrey — 50%
8. Crowe Horwath — 61.5%
CW mentions that Crowe's error rate in '09 was 15.3% so this is quite a plunge. Whether or not this is the bottom is another matter.
As you can see, KPMG comes in as for the overachiever here; it isn't quite a British Open victory, but hey, it's something.
Crowe Records Highest 2011 Audit Failure Rate [CW]