Audit Inspection Reports on Deloitte, Ernst & Young, KPMG and PwC Bared
The Professional Oversight Board, part of the Financial Reporting Council, has released the findings of the Audit Inspection Unit’s (AIU) inspections of Deloitte LLP, Ernst & Young LLP, KPMG LLP and KPMG Audit Plc, and PricewaterhouseCoopers LLP.
These reports include inspection findings and key messages specific to each firm and set out the AIU’s views on audit quality based on the 2011/12 inspections.
These reports supplement the FRC’s Annual Report on Audit Quality Inspections 2011/12 published on 13 June 2012, and conclude the AIU’s reporting for 2011/12.
The four largest audit firms are inspected annually by the AIU. Other major firms subject to full scope AIU inspections are inspected over a longer cycle of two to three years, with reports being published on each firm following the end of its inspection cycle. Individual reports are not published on the findings of inspections at firms not subject to full scope AIU inspections (smaller firms).