The US Public Company Accounting Oversight
Board has identified significant deficiencies in its review of 60
audits performed by KPMG US.
The watchdog said in certain audits KPMG
failed to identify or address errors in the issuer’s application of
US GAAP, which in some cases could be material to the financial
In addition, the deficiencies included
failures by the firm to sufficiently perform certain procedures,
including obtaining sufficient evidence in the audit.