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.