The Public Company Accounting Oversight Board found deficiencies in all of the firms it inspected that audit broker-dealers, according to a report released Monday, and in 95 percent of the individual audits that the PCAOB inspected.
The overwhelmingly negative results appeared in the PCAOB’s second progress report on its interim inspection program for auditors of brokers and dealers, covering the audit deficiencies and independence findings identified in inspections performed from March 2012 to December 2012. It largely reinforced the results of an earlier report from last August that also identified widespread problems in the audits of broker-dealers (see PCAOB Finds Problems with Audits of Broker-Dealers).
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