On August 6, the Public Company Accounting Oversight Board released the public portion (Part I) of its report on the 2012 inspection of Ernst & Young. The 2012 inspection included reviews of 52 E&Y public company audit engagements (in 51 of which E&Y was the principal auditor). The PCAOB’s report characterizes 25 of those engagements (48 percent) as “audit failures” – situations in which it appeared to the Board’s inspection staff that E&Y “failed to obtain sufficient appropriate audit evidence to support its audit opinion on the financial statements and/or on the effectiveness of internal control over financial reporting.” In two cases, the companies involved restated their financial statements after the PCAOB inspection.
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