On December 5, 2008 the Public Company Accounting Oversight Board issued its report discussing observations identified by the PCAOB in the course of its 2004, 2005, 2006, and 2007 inspections of the eight domestic registered firms that have been inspected every year since the PCAOB's inspection program began. The report can be found at http://www.pcaobus.com/Inspections/Other/2008/12-05_Release_2008-008.pdf.
The report is a summary discussion of certain issues identified in reports on inspections of such firms, as well as of certain efforts firms have represented that they have made to remediate possible defects in their quality control systems.
The PCAOB identified several areas of deficiency that I find to be of particular interest in light of the current economic crisis, particularly, for example with respect to the automobile industry with which it is suggested that the extent of the crisis did not become fully known until just weeks before the prospect of declaring bankruptcy (whatever happened to enterprise risk management, I wonder).
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