In mid-January, the Public Company Accounting Oversight Board issued reports on its 2004 inspections of Grant Thornton LLP and Crowe Chizek & Co. LLC -- outlining "audit deficiencies" similar to other recently released reviews from the board.
In its Grant Thornton inspection report, released on Jan. 19, the board highlighted problems it found in audits for 15 of the firm's public company clients between May and October 2004. The problems included failure to disclose related-party transactions and testing of information technology controls, as well as accounting problems for:
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