The Public Company Accounting Oversight Board has released its latest inspection report on Ernst & Young after the New York-based firm failed to address certain quality control issues to the satisfaction of the PCAOB.

The 2012 inspection of EY included reviews of aspects of 51 audits performed by the firm and reviews of the firm's audit work on one other issuer audit engagement in which the firm played a role but was not the principal auditor. The PCAOB said its inspection team identified matters that it considered to be deficiencies in the performance of the work it reviewed. Two of the deficiencies relate to auditing aspects of an issuer's financial statements that the issuer restated or announced an intention to restate after the primary inspection procedures.

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