The Public Company Accounting Oversight Board has released a new inspection report of PricewaterhouseCoopers LLP from last year in which it identified deficiencies, including three instances of what it terms “audit failures.”

“The inspection team considered certain of the deficiencies that it observed to be audit failures,” said the report. “Specifically, certain of the identified deficiencies were of such significance that it appeared that the firm, at the time it issued its audit report, had failed to obtain sufficient appropriate audit evidence to support its audit opinion on the financial statements and/or on the effectiveness of internal control over financial reporting ("ICFR"). In addition, one of the identified deficiencies, which occurred in an audit in which the firm played a role but was not the principal auditor, was of such significance that it appeared that the firm had not obtained sufficient appropriate audit evidence to fulfill the objectives of its role in the audit.”

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