The Public Company Accounting Oversight Board following its mandate required by the Sarbanes Oxley Act recently issued its 2006 inspection report for Ernst & Young. This appears to be a major shift in timing and the release is much ahead of its normal timetable of August. More so, the inspection was done between May and November of 2006. Ernst and Young is the only report issued for 2006, the other Big Four firms' reports have yet to be issued...
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Great. Another PCAOB report. What does it say? The usual - that the AUDIT FIRM did not get enough documentation. This standard set by the PCAOB is the problem - no credit is given if the AUDIT CLIENT has the documentation. It is clear the PCAOB wants the audit firms to maintain all the documentation, which is not reasonable and wholly inefficient. In the last three to four years all the PCAOB can say about this Big 4 is that we did not get enough documentation. Wow. Big deal. Thanks for coming. S
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