The PCAOB Finally Releases China Inspection Results for KPMG and PwC, It Ain’t Good
For those of you short on time and/or attention span, here’s Public Company Accounting Oversight Board Erica Y. Williams on Bloomberg today discussing the long-awaited inspection results for two firms inspected in 2022: KPMG Huazhen LLP in mainland China [PDF] and PricewaterhouseCoopers in Hong Kong [PDF]. PCAOB inspectors found Part I.A deficiencies in 100% (4/4) of […]
Auditing Struggle Bus Makes a Stop Once Again At RSM US, Latest PCAOB Inspection Report Reveals
When the PCAOB released its first batch of COVID-era inspection reports at the beginning of last November, everyone’s favorite audit cops started off with a bang. That group of 2020 inspection reports included six of the top seven largest public accounting firms in the US: Deloitte, PwC, EY, KPMG, BDO USA, and Grant Thornton. Missing? […]
PwC Might Do Something No Other Big 4 Firm Has Ever Done Before
After years and years of PCAOB inspections of the Big 4 in which the percentage of audits of public companies that weren’t up to snuff have been in the 30s, 40s, and even 50s, we finally had a respectable audit report card earlier this year when Deloitte nearly had a single-digit deficiency rate in its […]
Ernst & Young’s PCAOB Inspection Results Look Even Worse in Chart Form
Last week, we discussed just how bad EY's auditing had gotten from a PCAOB inspection report perspective. And with a failure rate of 48% we can all say, "That sucks, EY," with the utmost confidence. Yet, nothing in the PCAOB inspection report or anything we wrote last Tuesday sums things quite like this chart from the […]