PWC and Deloitte absolutely murdered the PCAOB inspections this cycle. Jesus Christ.

likeupliftingfunny
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Is this good or bad?

likefunny

Easy. Even people at the PCAOB were so over work they couldn't give a bother

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That or folks are looking at some sweet exit ops in a year or two.

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A list of anyone important that cares:




….

likefunnysmart

LMAOOOO

I was at PwC during these inspections and had a couple where PCAOB staffing issues caused them to cancel certain parts of the inspection.

likefunny

They probably had to send extra resources to KPMG

funny

They were murdered or they did the murdering?

likefunny

I am in tax and confused as to the language you are speaking

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I wouldn’t read into this too much, Having gone through the review process virtually it is definitely not as rigorous as in person, we will see an uptick again next year especially with the number of people that have been quitting.

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PwC also started fining everyone (down to the associate) for risk management issues, so maybe there is more incentive to hide stuff now.

PwC also somehow knew which jobs were getting picked for inspection beforehand and usually did their own internal inspection on them first. It was a little strange but maybe PCAOB gives them a heads up.

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There are also things that drive how they are chosen. For example, partners have to be reviewed every few years and large public jobs are prime candidates

From my scrolling to the first page:
Dt: 51 without part 1.A deficiency (2 with)
EY: 44 without (8 with)
KPMG: 39 without (14 with)
PWC: 51 without (1 with)

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Snark aside the report does show process improvement is helping where it has targeted. 2021 would be interesting to we if teams took the walkthrough improvements to heart because that probably will help with understanding controls better.

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5 seconds of my life I won’t get back

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Yet employees don't get extra benefit for our hard work in passing these

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D2 Not universal across the firms, was lead senior (GT) on an inspected engagement during the 2020 inspections. Did all of the work that got inspected and was interacting with the inspectors the most during the process. No comments. Got a $75 gift card.

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