Editorial Team – [2026] 183 taxmann.com 345 (Article)
Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update:
1. PCAOB Issues Inspection Reports for 10 Global Audit Firms Across Multiple Jurisdictions
The Public Company Accounting Oversight Board (PCAOB) has released 10 new inspection reports covering audit firms in the Netherlands, Greece, China, Thailand, Colombia, Italy, and the United States, including firms affiliated with EY, PwC, Forvis Mazars, and other mid-sized networks. The inspections relate to selected issuer audits and assess compliance with PCAOB auditing and quality control standards.
Across the reports, the PCAOB identified instances where firms failed to obtain sufficient appropriate audit evidence in key risk areas such as revenue recognition, accounting estimates, internal control over financial reporting (ICFR), and other significant judgmental areas. In certain cases, the Board also reported quality control deficiencies, indicating areas requiring strengthening in engagement supervision, monitoring, and firm-level quality management systems.
These inspection findings reinforce the PCAOB’s continued focus on audit quality and global oversight of registered firms auditing issuers accessing U.S. capital markets. The reports provide important insights for audit committees, investors, and practitioners regarding recurring themes in audit deficiencies and areas warranting heightened professional skepticism and documentation rigor.
Source – Public Company Accounting Oversight Board
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