U.S. accounting regulators flagged audit violations for testing revenue and asset valuations in reviews of three Big Four international affiliates.
KPMG Germany, Ernst & Young Ireland, and Deloitte Denmark all had violations of U.S. rules noted in two out of three audits inspected as part of routine regulatory reviews.
- The Public Company Accounting Oversight Board inspects the work of international audit firms every three years, looking at a much smaller sample of audits compared with its reviews of the Big Four’s U.S.-based firms.
- Both KPMG Germany and EY Ireland oversee or contribute to the audits of a few ...