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October 24, 2010

PCAOB finds deficiencies in KPMG audits

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 statements.

In addition, the deficiencies included failures by the firm to sufficiently perform certain procedures, including obtaining sufficient evidence in the audit.

 

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