RSM US LLP’s supervision of its audit staff and reviews of their work didn’t meet US audit standards and weren’t addressed quickly enough, according to newly released details about the firm’s 2018 regulatory inspection.
The lapses were spelled out in what is normally a redacted report on firm compliance measures intended to deliver audits that meet requirements set by the Public Company Accounting Oversight Board. The audit regulator released the extended inspection results Monday along with a batch of 40 other reports.
Among the board’s findings, engagement quality reviewers on three audits didn’t catch ...
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