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June 7, 2023

When accounting goes unaccounted for

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supervision or lack thereof

PCAOB

At Least PwC Doesn’t Have to Worry About Improving the Supervision of Its Auditors Anymore

by Caleb Newquist

Last week the PCAOB dropped Part II of PwC's 2008 and 2009 inspection reports. This was only the second time a Big 4 firm's Part II had been released since the audit profession was blessed with government regulation. It was like a fire rainbow or an unassisted triple play. Rare! Exciting-ish! We pored over the […]

PCAOB

PwC Loves CAKE and Other Interesting Things from the Expanded PCAOB Inspection Reports

by Caleb Newquist

I don't know if anyone else has noticed this, but reading about audit procedures is incredibly dull. It's nearly as dull as actually performing some of these procedures which probably explains why the PCAOB was forced to release Part II for the 2008 and 2009 inspection reports. Luckily, reading about the failure of the most […]

PwC

PwC to Require More Robust Review and Supervision of Auditors, Although “Minimum Supervision” Still Has Its Place (in Court)

by Caleb Newquist

Last month, the PCAOB released its 2011 inspection report for PwC. With a 41% deficiency rate for the 60 audits inspected, it's safe to assume that the firm wishes it could have put up a better number. As we noted at the time, Papa Whiskey Charlie encouraged the PCAOB to step up its game a […]