Deficiencies Identified At PwC, Other Auditors

Law360, New York (November 22, 2011, 4:16 PM EST) -- PricewaterhouseCoopers and KPMG LLP, two of the big four auditors, conducted a substantial number of deficient audits on firms issuing securities in 2009, federal accounting firm watchdog the Public Company Accounting Oversight Board said in reports released Monday.

The inspections, conducted in 2010 pursuant to the Sarbanes-Oxley Act, covered 75 audits at PwC and 54 at KPMG. Twenty-eight audits at PwC and 12 at KPMG were found to be deficient.

“Those deficiencies included failures by the firm to identify, or to address appropriately, financial statement misstatements,...
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