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Big Four Firms Boost Marks on Annual U.S. Audit Inspections (1)

Nov. 1, 2021, 8:21 PMUpdated: Nov. 1, 2021, 10:50 PM

PwC LLP and Deloitte LLP both posted high marks on their annual regulatory inspections as the largest U.S. accounting firms continued to build on their past gains in meeting audit standards.

Just one of PwC’s 52 audits picked for inspection in 2020 contained deficiencies, a drop from 18 the prior year. Meanwhile, inspectors found faults in just two of Deloitte’s 53 audits reviewed, according to inspection results the Public Company Accounting Oversight Board released Monday.

Big Four competitors Ernst & Young LLP and KPMG LLP also saw their results improve, as did top-10 firm Grant Thornton ...