article 5 - public accounting firm were made public before...

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PCAOB: Deloitte Trusted Management Too Much In 2008 the Public Company Accounting Oversight Board questioned the skepticism that Deloitte and Touche auditors brought to their corporate auditors. Normally a part of the audit remains hidden but it is now being released for public view. On too many occasions the inspection team observed that some support for significant areas of the audit consisted of managements views. The hidden inspection report pages stated that there were quality control problems at the accounting firm. This is the first time that these types of criticisms of a large
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Unformatted text preview: public accounting firm were made public, before only smaller firms were subject to this scrutiny. One of the main causes for concern due to Deloittes lack of quality controls include the audit procedures on the income-tax balances and reviews of the work of spets. This information does not mean that the problems were not remediated after they were seen. Deloitte also says that it has been working on improving its audit skills.
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This note was uploaded on 11/02/2011 for the course ACC 101 taught by Professor Johnson during the Spring '11 term at Cardinal Stritch.

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