What Will Audit Firms Do On Their PCAOB Annual Reports?

June 18, 2010

David Nelson, Big4.com

June 30, 2010 is rapidly approaching, and it is a key deadline for US audit firms.

The Public Company Accounting Oversight Board (PCAOB) requires all its registered firms (over 2,200 of them) to file an annual report with the Board, with the first annual reports due June 30, 2010. The report (in Form 2) covers the 12-month period ending March 31, 2010; and contains general information on the firm plus some very interesting numbers which may be available to the public for the first time (we believe) in a consolidated summarized format in one place.

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US Financial Crisis Impacts Big Four Firm Audit Fees

The current financial crisis in the US has taken a big toll on some storied companies in the recent few months, with unimaginable consequences for the entire financial sector. Consider this:

FannieMae (NYSE:FNM) and FreddieMac (NYSE:FRE) are now under US government conservatorship

Bear Stearns (NYSE:BSC) was purchased for a pittance by JP Morgan (NYSE:JPM)

Merrill Lynch (NYSE:MER) sold itself to Bank of America (NYSE:BAC)

Lehman Brothers went bankrupt recently (NYSE:LEH)...

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Deloitte UK Revenues Up 16%, Profit Soars 17%

Deloitte UK recently posted results, audit firms in the UK need to publish financials, unlike their counterparts in the US

Nonetheless, these profits are quite healthy and pleasant to disclose:

For the year ending May 31, 2007 profits available for distribution to partners and retired partners was £572 million, up 17% from previous year; and revenues grew to £1,802 million, up 15.6%...

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