The U.S. Public Company Accounting Oversight Board, whichregulates audit firms, says it sees many problems in the work thataudit firms do on companies' internal controls, and adds that thenumber of problems is growing, Reuters reports.
|Auditors' checks on companies' internal controls fell short in22% of the audits the PCAOB checked in 2011, up from 15% in 2010,the regulator says. Its inspections cover the Big Four audit firmsand four smaller auditors: BDO Seidman, Grant Thornton, CroweHorwath and McGladrey.
|PCAOB Jay Hanson says the report does not mean that companies'internal controls were faulty, but that auditors were doing a badjob of checking them.
|See the full Reuters story here and the PCAOB report here.See more coverage from the Journal ofAccountancy and Accounting Today.
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