PCAOB Waiting For Godot: Reporting On Auditor Performance During The Financial Crisis

The PCAOB’s most recent summary of observations from their inspections process, Report on Inspection Observations of Auditing During the Economic Crisis, is a scathing report describing auditor failure during the crisis that mirrors, in many respects, the findings of the Audit Inspection Unit in the UK. In fact, the issues are quite similar and the firms’ stubborn refusal to acknowledge them is equally familiar.