In case you thought you were doing everything right on your audits, here's the PCAOB to tell you about your shortcomings. In a recent report, the oversight board found that almost half of the audit firms they inspected had at least one "significant audit performance deficiency." The PCAOB called out small firms and big firms alike in its report, so, at least in terms of audit performance, size didn't seem to make a difference. Check out the PCAOB's list of the top nine audit problems.
PCAOB Provides Laundry List of Problematic Audit Areas
Mar 7th 2013