The federal regulator that oversees accounting firms came down hard on the Big Four firm after inspecting a selection of its work.
The Public Company Accounting Oversight Board (PCAOB) said it found such shortcomings at 19 of the audits it chose to inspect that the board deduced that KPMG hadn't come up with enough evidence to support its opinion on those companies' financial statements.
The deficiencies included failures by the Big Four accounting firm to identify or adequately address errors in their clients' applications of generally accepted accounted principles, according to a 29-page report by PCAOB, the federal overseer of public accounting firms. The GAAP compliance mistakes the board cited included, in some cases, errors that seemed likely to be material to the issuer's financial statements.
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