The Public Company Accounting Oversight Board has released a report summarizing its inspection findings between 2004 and 2007 of eight of the largest domestic accounting firms, outlining the many problems it has found with their audits.
The report describes deficiencies the PCAOB observed in areas that are fundamental to any audit, such as testing of revenue, as well as areas that pose increasingly challenging issues in current market conditions, such as testing of fair value measurements. However, the report does not list any of the firms by name.
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