Audit Watchdog Faults Top Firms For Internal Controls Work

Law360, New York (December 10, 2012, 5:38 PM EST) -- The nation’s largest accounting firms often used deficient methods in 2010 and 2011 to audit the effectiveness of internal controls meant to curb financial fraud, according to a report released Monday by the Public Company Accounting Oversight Board.

The watchdog's report found “pervasive deficiencies” in internal control audits performed by eight accounting firms, including the so-called Big Four: PricewaterhouseCoopers LLP, Deloitte & Touche LLP, Ernst & Young LLP and KPMG LLP. The other firms surveyed were BDO Seidman LLP, Crowe Horwath LLP, Grant Thornton LLP and...
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