Accounting firms have started to reverse a pandemic-era trend of mounting audit quality violations, showing what the US audit regulator called “real progress.”
Inspection findings released Monday report improvements in reducing audit flaws by the 171 firms the Public Company Accounting Oversight Board reviewed in 2024. The Enron-era board said it had found shortcomings in 39% of all audits it inspected last year, a marked improvement from the previous year, when inspectors found at least one violation in nearly half of all audits reviewed.
The latest inspection findings mark what PCAOB Chair Erica Williams called “significant improvements” in protecting ...