For whatever reason, BDO was excluded in the last-minute lump of coal the PCAOB delivered to Deloitte, Ernst & Young, and Grant Thornton right before Christmas, but that doesn't mean their inspection report wasn't in the same class of quality.
Auditors drool, the PCAOB rules (according to our source)
Maybe the Mayans were onto something if we're talking audits...
It's been a couple years since the PCAOB issued an auditing standard so I guess they wanted to squeak something in before this Mayan thing took a hold. Shall we cram this in before the fires start? Yes. Let's.
And just for good measure, Michael Andrew says that it would probably increase the risk of audit failure.
And the firms will keep acting coy, surely.
Last month, the PCAOB released its 2011 inspection report for PwC. With a 41% deficiency rate for the 60 audits inspected, it's safe to assume that the firm wishes it could have put up a better number.
The House of Hanson is a skeptical one.
Just understand that "be happy" means "have a conniption fit" and "term limits" means "auditor rotation."
The new and improved PCAOB needs you.