The Public Company Accounting Oversight Board plans to explain the deficiencies it found in its recent inspections of smaller auditing firms during an upcoming webcast.
The organization recently released a report on the issues that it identified in its 2004 through 2006 triennial inspections of U.S. firms that audit 100 or fewer public companies. The report found deficiencies in areas such as revenue recognition, related-party transactions, equity transactions, use of other auditors, independence, and concurring partner review.
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