PCAOB saw a spike in deficient audits in 2010

12/22/2011 | Compliance Week

The Public Company Accounting Oversight Board says its investigators found twice as many deficient audits from Big 4 firms in 2010 as were found in the year before. Auditors made mistakes including failing to scrutinize fair-value measurements as closely as they should have, the PCAOB reports. The failure rate among the Big 4 auditors ranged from about 20% to 45% for audits completed in 2010.

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