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PCAOB find deficiencies in KPMG US and PwC US audits

The US Public Company Oversight Board (PCAOB) has found “deficiencies that exceed a certain significance threshold” in the audit work of PwC US and KPMG US.

The regulator says in its inspection report that both firms failedto perform necessary audit procedures to a satisfactory level in some of the inspected audits.

The PCAOB also said PwC failed to obtain sufficient appropriate audit evidence to support its audit opinion on the financial statements in one of the inspected samples.

The main findings of the inspections are not publicly available in order to enable the firm to address the issues indentified by the PCAOB.

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