By William K. Black
Quito: March 10, 2015
The Wall Street Journal recently provided one of those stories that are invaluable and frustrating. In fairness, it was a brief blog entry entitled “Almost Half of Global Audits Have Problems” and was based on the release of a study by the International Forum of Independent Audit Regulators. The blog also noted that the rate of deficient audits was nearly as high for top tier firms’ audits conducted in the U.S.
“The study follows one released late last year by the U.S. audit regulator, the Public Company Accounting Oversight Board, which found nearly 40% of studied 2013 audits performed by the four largest U.S. firms weren’t up to snuff.”