Duh of the Day: One in Three Audits Fail, Per the PCAOB

Lodi dodi, we likes to party, we don't cause trouble, we don't bother nobody.

This comes from Emily Chasan via CFO Journal:

More than one in three audits inspected by the U.S. government’s audit watchdog were so deficient the auditors shouldn’t have signed off, an official said this week.

Why do I feel like we know this already? More importantly, what's anyone going to do about it? After a certain number of disappointing PCAOB inspection reports, a reasonable person has to wonder what the hell everyone is doing.

Why not just throw our hands up and go home?

 

Related articles

PCAOB Releases Teaser Trailer of 2018 Inspection Findings

Testing internal control over financial reporting, assessing risks of material misstatement, and auditing accounting estimates (you know, the yoozh) continue to trip up auditors, according to the PCAOB, which offered a sneak preview of what we can expect in 2018 audit firm inspection reports. More than 160 U.S. audit firms were inspected by the PCAOB […]