November 17, 2005
More Exceptions Noted by PCAOB
It seems that the PCAOB now believes that all Big Four and BDO Seidman have deficiencies in their audit engagements. The PCAOB has spent extensive time in these reviews. They just outline the very reasons why the PCAOB was created by Sarbanes-Oxley.
The Act has outlined deficiencies at public firms and the firms that audit them.
"Panel finds audit deficiencies at 3 firms
THE ASSOCIATED PRESS
WASHINGTON -- The Public Company Accounting Oversight Board found audit deficiencies at three major accounting firms.
Reports on the PCAOB's inspection of Ernst & Young LLP, PricewaterhouseCoopers LLP and BDO Seidman LLP, issued Thursday, said the inspection team identified matters it considered to be audit deficiencies.
In the reports, the PCOAB said those deficiencies included failures by the firm "to identify and appropriately address errors in the issuer's application of GAAP (or generally accepted accounting principles)," and that one or more of those errors was "likely to be material to the firms' financial statement."
In all three reports, the PCAOB said "the deficiencies also included failures by the firm to perform, or to perform sufficiently, certain necessary audit process."
The three reports, which can be viewed on the PCAOB's Web site, http://www.pcabous.org, provide details of specific cases, without mentioning the audited entities by name." For the complete story, click here.
To learn more about how your company can effectively comply with Sarbanes-Oxley, see www.issuescentral.com to find out more about the Compliance Playbook(tm).
The Act has outlined deficiencies at public firms and the firms that audit them.
"Panel finds audit deficiencies at 3 firms
THE ASSOCIATED PRESS
WASHINGTON -- The Public Company Accounting Oversight Board found audit deficiencies at three major accounting firms.
Reports on the PCAOB's inspection of Ernst & Young LLP, PricewaterhouseCoopers LLP and BDO Seidman LLP, issued Thursday, said the inspection team identified matters it considered to be audit deficiencies.
In the reports, the PCOAB said those deficiencies included failures by the firm "to identify and appropriately address errors in the issuer's application of GAAP (or generally accepted accounting principles)," and that one or more of those errors was "likely to be material to the firms' financial statement."
In all three reports, the PCAOB said "the deficiencies also included failures by the firm to perform, or to perform sufficiently, certain necessary audit process."
The three reports, which can be viewed on the PCAOB's Web site, http://www.pcabous.org, provide details of specific cases, without mentioning the audited entities by name." For the complete story, click here.
To learn more about how your company can effectively comply with Sarbanes-Oxley, see www.issuescentral.com to find out more about the Compliance Playbook(tm).
