PCAOB Continues to Get Tough with the Big Four

The Public Company Accounting Oversight Board had unpleasant things to say about Deloitte and Touche's audit performance during the past year. Audits of eight unidentified companies either had significant errors or came up short on disclosure; of these, four required restatement. This follows in the footsteps of similar findings for KPMG last week. Deloitte promised improved performance and support of the PCAOB investigation. E & Y and PWC will hear from PCOAB in the near future.

One of the questions that comes to mind based on these findings: have peer reviews lost their focus and become too accepting of the reviewed firm? Interesting question, any doctoral students want to make a dissertation out of it?