Event
PCAOB inspection results for 2023
The audit regulator’s 2023 inspections of the four largest U.S. firms: audits reviewed and the share where the PCAOB found the firm had not obtained enough evidence to support its opinion. Not a measure of all of a firm’s audits.
- Dates
- Aug 2024
Connections 5
involved
- Public Company Accounting Oversight Board inspector; its staff said the Big Four U.S. firms’ combined rate held at 26% Primary record 12
- Deloitte its U.S. firm: 12 of 56 audits reviewed (21%) Scholarship & press 3
- Ernst & Young LLP 22 of 59 audits reviewed (37%) Scholarship & press 3
- KPMG LLP 15 of 58 audits reviewed (26%) Scholarship & press 3
- PwC its U.S. firm: 10 of 57 audits reviewed (18%) Scholarship & press 3
Timeline 1 date
- Aug 2024 PCAOB inspection results for 2023
Proof 3 sources
-
Spotlight: Staff Update on 2023 Inspection Activities, Public Company Accounting Oversight Board, Aug 2024.
Primary record
aggregate Part I.A deficiencies held steady at 26% in 2023 after previously jumping from 12% in 2020 to 16% in 2021 and 26% in 2022
-
Firm Inspection Reports (PCAOB web page, archived 18 December 2024), Public Company Accounting Oversight Board, 18 Dec 2024.
Primary record
Archived copy
It relates only to the audits inspected and is not a measure of the frequency of such deficiencies throughout all of the firm’s audits
For various reasons, inspection results are not necessarily comparable over time or among firms; and (4) Inspection reports are not intended to serve as overall rating tools.
-
PCAOB sees audit deficiencies leveling off at largest firms, but problems remain, Accounting Today, 15 Aug 2024.
Scholarship & press
Among the Big Four, for Deloitte & Touche LLP , 12 of the 56 audits reviewed by the PCAOB in 2023 were included in Part I.A of the report due to the significance of the deficiencies identified.
At Ernst & Young LLP , 22 of the 59 audits reviewed in 2023 were included in Part I.A.
At KPMG LLP , 15 of the 58 audits reviewed in 2023 were included in Part I.A.
Ten of the 57 audits reviewed in 2023 were included in Part I.A.
Page history 1 change
- Add 55 stories, each checked against its sources96e92fe6
Something wrong or missing? Tell us, with a source, or edit this page.