The credibility of financial markets rests on the foundation of high quality financial reporting. An important pillar of high quality public financial reporting is reliable, comparable financial statements that are free from material misstatement. Accounting changes and errors in previously filed financial statements can affect the comparability of financial statements.

Staff Spotlight accompanying inspection reports notes signs of “leveling off” in audit deficiencies at the largest firms; New charts help stakeholders understand and compare inspection results

Washington, DC, Aug. 15, 2024

The Public Company Accounting Oversight Board (PCAOB) posted inspection reports for all 2023 annually inspected firms today, including the six U.S. Global Network Firms (GNF) – months sooner than reports have been released in recent years thanks to ongoing efforts to speed the release of reports.



The inspection reports are accompanied by a new staff Spotlight publication, which provides an overview of staff observations from the 2023 inspections. Staff observations include the fact that while overall deficiency rates continued to increase in the aggregate, with 46% of the engagements reviewed having at least one Part I.A deficiency, “we have begun to see the aggregate deficiency rate at the Big Four firms level off, as well as improvements in the deficiency rates at several of the other annually-inspected firms.” The Spotlight also explores how outliers influence the overall average, among other observations.

For Immediate Release - 2024-103

Washington D.C., Aug. 23, 2024 — The Securities and Exchange Commission today announced awards of more than $98 million to two whistleblowers whose information and assistance led to an SEC enforcement action and an action brought by another agency.

See Press Release for full details.

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