Sounding a familiar warning, the Public Company Accounting Oversight Board criticized Ernst & Young and KPMG for failing to follow accounting rules or gather sufficient evidence for judgments in a number of audits.
The board issued similar complaints about the work of PricewaterhouseCoopers and Deloitte last year. The reports on are based on inspections done in 2005 of the firm's audits of companies' 2004 financial results. The PCAOB singled out 10 E&Y audits for criticism, while citing KPMG for deficiencies in 11 audits.
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