Accounting Firm Auditing ReputationsI had mentioned previously that keeping an eye on what acccounting firms various companies utilize for their audits is very important.
Some are "extremely sketchy" to say the least.
"CPAB (Canadian Public Accountability Board) said it has “serious concern” about the inspection findings for the seven other firms it inspects annually – Davidson & Co. LLP, DMCL (Dale,Matheson Care-Hilton Labonte) LLP, Manning Elliott LLP, McGovern Hurley LLP, MNP LLP, Raymond Chabot Grant Thornton LLP and Smythe LLP. These firms are inspected annually because they audit more than 100 Canadian public companies.
CPAB said four of the seven had significant findings in more than 50 per cent of their audit files inspected, while the other three firms had significant findings in more than 25 per cent of files."
< 10% is the industry target