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Audit Watchdog Finds Higher Deficiency Rates at Two of Big Four

Public-company audits conducted by two of the so-called Big Four accounting firms showed greater deficiency rates last year than in previous reviews, according to findings released by a Washington-based watchdog.

The Public Company Accounting Oversight Board found flaws in 28 of 75 reviewed audits by PricewaterhouseCoopers LLP and 12 of 54 from KPMG LLP, according to inspection reports posted to the PCAOB website today. Both totals reflected increases from previous years, according to PCAOB data.