A new report from the Public Company Accounting Oversight Board found that firms that audit 100 or fewer public companies and are inspected every three years showed a reduced rate of reported “significant audit performance deficiencies” in their 2007 through 2010 inspections, compared to when they were inspected from 2004 through 2006, but in 2011, the rate of deficiencies showed little sign of declining.
In addition, the report found that 20 firms with significant deficiencies never responded to the PCAOB with a remediation plan.
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