Deloitte & Touche is the first of the Big Four to have its annual inspection posted by the Public Company Accounting Oversight Board this year.The PCAOB’s Nov. 30 report was posted to the board’s Web site late last week and cites Deloitte for failing to obtain sufficient evidence to back up decisions in a number of audits of public companies. The firm disagreed with the board's conclusions in nearly two-thirds of the audits cited, offering a rebuttal of many of the board's criticisms as part of a response letter included with the PCAOB's report

The latest report cited 17 Deloitte audits as needing improvement. The report examined audits performed by Deloitte in 2005 of companies' 2004 financial results. The board's report issued in 2005 on work done in 2004, cited eight audits for criticism.

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