The Public Company Accounting Oversight Board released a report on the issues it has identified from inspections of U.S. firms that audit 100 or fewer public companies.
The report, based on the board’s observations between 2004 and 2006, does not identify any specific companies. Instead, it describes some general trends that the PCAOB found in inspections of 497 so-called "triennial" firms, which are inspected at least once every three years, as opposed to the more frequent inspections that firms with more audit clients are subjected to. Among the areas where problems were noted were revenue recognition and related-party transactions.
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