PCAOB REPORT CRITICIZES DELOITTEWASHINGTON, D.C. - Deloitte & Touche was the first of the Big Four to have its annual inspection posted by the Public Company Accounting Oversight Board. The PCAOB's report was posted to the board's Web site in late November, and cites Deloitte for failing to obtain sufficient evidence to back up decisions in a number of audits of public companies. The firm disagreed with the board's conclusions in nearly two-thirds of the audits cited, offering a rebuttal of many of its criticisms as part of a response letter included with the report.
The latest report cited 17 Deloitte audits as needing improvement. The report examined audits performed by Deloitte in 2005 of companies' 2004 financial results. The board's report issued in 2005, on work done in 2004, cited eight audits for criticism.
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