Remember how Deloitte's AICPA Peer Review finding of "pass with deficiency" was one of the lowliest of low points for the year in auditing? Sure you do.
At the time, we learned from the AICPA's James Brackens that from 2008 to 2010, only 8% of the audit firms that participated in the peer review had a finding of "pass with deficiency." Deloitte's "PwD" was the first ever for a Big 4 firm. Quite a shocking revelation. Because this was such a surprise, perhaps you thought that this finding by Ernst & Young was a sign of things to come. That a rash of PwDs would spread among the public accounting community, causing a crisis of confidence, and resulting in spiteful, retaliatory findings between accounting firms would plague the industry for years to come, bringing it to the brink of destruction.
Nah. Everything is normal. Baker Tilly gave BDO a pass rating. Grant Thornton gave PwC a pass rating. Deloitte will just have to work some things out.
Carry on.
