September 17, 2019

CohnReznick Is Probably Better at Audits Than You, Per PCAOB Inspection Report

Yesterday, we shared McGladrey's not-all-that-bad inspection report results. Now, it's time to crown a world champion audit firm…

CohnReznick!

The words every audit firm wants to hear from the PCAOB:

The inspection procedures included a review of aspects of the Firm's auditing of financial statements of 11 issuers. This review did not identify any audit performance issues that, in the inspection team's view, resulted in the Firm failing to obtain sufficient appropriate audit evidence to support its opinion on the issuer's financial statements or internal control over financial reporting ("ICFR").

BAZINGA!

Note this is a 2013 report so we can't compare it to our ongoing 2012 inspection report tally with Deloitte at 25% and Grant Thornton pulling up the rear at 65%.

2013 CohnReznick PCAOB Inspection Report

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Marcum’s Microcap Conference Seemed Like a Great Event for Auditor Independence Violations

In the storied history of auditor independence violations by PCAOB-registered accounting firms, Marcum broke the rules in a rather unique and spectacular way: it publicly advocated its audit clients as investment opportunities. The PCAOB was probably giddy writing and sending out this press release on Sept. 10: The Public Company Accounting Oversight Board today announced […]

Ex-KPMG Partner’s Request to Have His Wire Fraud Conviction Thrown Out Gets Shot Down, Crashes, Burns

Welp, so much for that. David Middendorf, former national managing partner for audit quality and professional practice at KPMG, is scheduled to be sentenced in Manhattan federal court tomorrow, according to Law360, for his role in an information-stealing scheme in which PCAOB insiders fed KPMG executives secret plans on which of the Big 4 firm’s […]