In its 2023 audit inspections, the US Public Company Accounting Oversight Board (PCAOB) found that 46% of audits failed to provide enough evidence to support the final audit opinion, as reported by CFO Dive.
Overall, the percentage of audits deemed to be flawed increased compared to 2022, continuing a negative trend that has appeared in recent years. However, some particularly error-prone firms “are strongly influencing the aggregate deficiency rate,” the PCAOB warned. Among the Big Four, the rate of deficiencies in audits remained at 26%.
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