The number of audit deficiencies found during PCAOB inspections showed another year-over-year increase in 2022, according to a board staff report released Tuesday, July 25.
The report said the PCAOB expects about 61% of the 710 audits the PCAOB reviewed in 2022 to have one or more Part I.A or Part I.B deficiencies — up from 55% in 2021 and 44% percent in 2020.
“Audit firms must make changes to turn things around and live up to their responsibility to investors," PCAOB chair Erica Williams said in a statement.
The PCAOB report also includes questions audit committees should consider in discussions with independent auditors. Read more.