The Public Company Accounting Oversight Board issued its 2006 inspection report for Big Four firm Ernst & Young, citing problems in eight of the audit engagements it reviewed.The audit overseer inspectors said that E&Y appeared to have signed off on some audits without having sufficient evidence to support its opinions. However, the number of problems in E&Y's inspected audits declined since last year's report, when the PCAOB cited 10.
In its response letter to the PCAOB, Ernst & Young said that it had supplemented its work papers and performed additional procedures for some clients in response to the findings. The firm also noted that, "In no instance did these actions change our original audit conclusions or affect our reports on the issuers' financial statements."
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