The PCAOB, bless their hearts, released a forgettable inspection report from PwC today. The deficiency rate, 29%, is still in the range we're used to, but was lower than last year, so that's something. Michael Rapoport reports that this deficiency rate is better than EY's (36%) but not as good as Deloitte's (21%) and that KPMG's report "is expected to be released in the next few months." Cross your fingers, Klynveldians. [PCAOB, WSJ, Earlier]
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While PCAOB inspection reports are only one indicator of how good or bad a public accounting firm’s audit quality is, it’s still pretty embarrassing when a firm gets a bad report card. Consecutive years of horrible inspection reports (2013 and 2014) is what drove KPMG executives to hatch a scheme to steal confidential audit inspection […]
I’m not a betting man, and that’s a good thing because, while not official yet, I would have bet my house on KPMG UK being fined more than £15 million for the whole Carillion audit fiasco. The Financial Times reported this afternoon: KPMG is set to be hit with its biggest-ever fine in the UK […]