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PCAOB Critiques E&Y, KPMG Jan. 16, 2007 (SmartPros) The Public Company Accounting Oversight Board posted to its Web site last week the inspection reports for two of the Big Four accounting firms, Ernst & Young LLP and KPMG LLP. PCAOB found deficiencies in 10 E&Y audits and 11 KPMG audits. The reports are based on inspections done in 2005 of each firm's audits of companies' 2004 financial results. The companies that had their audits cited are not revealed, in accordance with PCAOB's policies. In a statement, E&Y said, "We constantly re-examine and improve our audit policies and processes, and we will continue to work closely with the PCAOB to use its findings to refine and further improve our audits." Similarly, KPMG issued a statement that said, "The feedback we've received from PCAOB inspections has served to enhance KPMG's audit quality." PCAOB is required to inspect accounting firms that audit more than 100 public companies. The reports are available in PDF: Ernst & Young LLP - http://www.pcaobus.org/Inspections/Public_Reports/2007/EY.pdf KPMG LLP - http://www.pcaobus.org/Inspections/Public_Reports/2007/KPMG.pdf |
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