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KPMG, EY, Deloitte Affiliates Miss Mark in U.S. Audit Reviews

May 11, 2021, 4:08 PM

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 ...