Thursday Sept 1 2016
The PCAOB found evidence deficiencies in 24% of the sample audits inspected.
This sample included DeLoitte and PwC. To be fair 24% for DeLoitte and 223% for PwC.
The audits were deemed deficient due to not having sufficient evidence to support the conclusions.
In ACCT 4311 Audit there is an entire chapter in the Whittington text devoted to evidence, no wonder!
Both firms of course responded that high quality audits were their objective.
The findings did not result in any penalties.
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