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Significant audit firm deficiencies prompt stiff rebuke from PCAOB

PCAOB audit report cover
Image: PCAOB

Board chair Erica Y Williams calls findings of new report “absolutely unacceptable”.

A staff report issued last week by the Public Company Accounting Oversight Board (PCAOB) shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022.

“These findings are absolutely unacceptable, and audit firms must make changes to turn things around and live