It's hardly a surprise that Deloitte takes exception with the PCAOB's most recent inspection report. Would you expect them to say: "Gosh, PCAOB, you're right. We've made lots of mistakes. Thanks for pointing them out to us."?
Audit partners don't concede to making mistakes or being wrong. They just don't. You can ask any controller or CFO out there. All they have to do is say, "If you don't agree with us, we'll slap a material weakness on your ass."
Best quote from the report is: "Those deficiencies included failures by the firm to identify or appropriately address errors in the issuer's application of GAAP, including, in some cases, errors that appeared likely to be material to the issuer's financial statements" (emphasis mine).
Oh, and this: "The PCAOB inspectors concluded that in some instances, Deloitte had not gathered enough evidence to support its audit opinions." (Emphasis mine again)
Oops.
Deloitte to PCAOB: Don't Second-Guess Us [CFO]
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Thursday, April 23, 2009
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