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2022 INSPECTION. In the 2022 inspection of Ernst & Young LLP, the Public Company Accounting Oversight Board (PCAOB) assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. Our inspection was conducted in cooperation with the Canadian Public Accountability Board.
- Firm Inspection Reports - PCAOB
Firm Inspection Reports. In accordance with the...
- (Headquartered in New York, New York)
Ernst & Young LLP, PCAOB Release No. 104-2022-220, November...
- PCAOB Report: Audits With Deficiencies Rose for Second Year ...
The report, “Staff Update and Preview of 2022 Inspection...
- Firm Inspection Reports - PCAOB
Firm Inspection Reports. In accordance with the Sarbanes-Oxley Act and PCAOB Rule 4003, the PCAOB conducts a continuing program of inspections of registered public accounting firms to assess a firm’s compliance with certain laws, rules, and professional standards in connection with its performance of audits, issuance of audit reports, and ...
Our 2022 inspection report on Ernst & Young LLP provides information on our inspection to assess the firm’s compliance with Public Company Accounting Oversight Board (PCAOB) standards and rules and other applicable regulatory and professional requirements. This executive summary offers a high-level overview of what is included in this report: .
- EXECUTIVE SUMMARY
- 2021 Inspection Approach
- Audit Areas Most Frequently Reviewed
- Classification of Audits with Part I.A Deficiencies
- Audits with an Incorrect Opinion on the Financial Statements and/or ICFR
- Audits with Multiple Deficiencies
- Audits with a Single Deficiency
- PART I: INSPECTION OBSERVATIONS
- PART I.A: AUDITS WITH UNSUPPORTED OPINIONS
- Type of audit and related areas affected
- Type of audit and related areas affected
- Type of audit and related areas affected
- Type of audit and related area affected
- Type of audit and related area affected
- Type of audit and related areas affected
- Type of audit and related area affected
- Type of audit and related area affected
- Type of audit and related area affected
- Type of audit and related area affected
- Type of audit and related area affected
- Type of audit and related area affected
- PART II: OBSERVATIONS RELATED TO QUALITY CONTROL
Our 2021 inspection report on Ernst & Young LLP provides information on our inspection to assess the firm’s compliance with Public Company Accounting Oversight Board (PCAOB) standards and rules and other applicable regulatory and professional requirements. This executive summary offers a high-level overview of: Part I.A of the report, which discu...
In selecting issuer audits for review, we use both risk-based and random methods of selection. We make the majority of our selections based on (1) our internal evaluation of audits we believe have a heightened risk of material misstatement, including those with challenging audit areas, and (2) other risk-based characteristics, including issuer and ...
This table reflects the five audit areas we have selected most frequently for review in each inspection year (and the related Part I.A deficiencies). For the issuer audits selected for review, we selected these areas because they were generally significant to the issuer’s financial statements, may have included complex issues for auditors, and/or i...
Within Part I.A of this report, we classify each issuer audit in one of the categories discussed below based on the Part I.A deficiency or deficiencies identified in our review. The purpose of this classification system is to group and present issuer audits by the number of Part I.A deficiencies we identified within the audit as well as to highligh...
This classification includes instances where a deficiency was identified in connection with our inspection and, as a result, an issuer’s financial statements were determined to be materially misstated, and the issuer restated its financial statements. It also includes instances where a deficiency was identified in connection with our inspection and...
This classification includes instances where multiple deficiencies were identified that related to a combination of one or more financial statement accounts, disclosures, and/or important controls in an ICFR audit.
This classification includes instances where a single deficiency was identified that related to a financial statement account or disclosure or to an important control in an ICFR audit.
Part I.A of our report discusses deficiencies that were of such significance that we believe the firm, at the time it issued its audit report(s), had not obtained suficient appropriate audit evidence to support its opinion(s) on the issuer’s financial statements and/or ICFR. Part I.B discusses deficiencies that do not relate directly to the suficie...
This section of our report discusses the deficiencies identified, by specific issuer audit reviewed, in the audit work supporting the firm’s opinion(s) on the issuer’s financial statements and/or ICFR. We identify each issuer by a letter (e.g., Issuer A) and industry sector. Each deficiency could relate to several auditing standards, but we referen...
In our review, we identified deficiencies in the financial statement and ICFR audits related to Revenue, Accounts Receivable, Deferred Revenue, and Investment Securities.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Revenue, Long-Lived Assets, and Debt.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Revenue, Deferred Revenue, Goodwill, and Intangible Assets.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Warrants.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Earnings Per Share.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Revenue and Deferred Revenue.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Revenue.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Revenue.
In our review, we identified deficiencies in the financial statement and ICFR audits related to Inventory.
In our review, we identified deficiencies in the ICFR audit related to Revenue.
In our review, we identified deficiencies in the financial statement audit related to Deposit Liabilities.
In our review, we identified a deficiency in the ICFR audit related to Long-Lived Assets.
Part II of our report discusses criticisms of, and potential defects in, the firm’s system of quality control. We include deficiencies in Part II if an analysis of the inspection results, including the results of the reviews of individual audits, indicates that the firm’s system of quality control does not provide reasonable assurance that firm per...
Many of our actions are designed to address the issues identified in our Public Company Accounting Oversight Board (PCAOB) inspection report in 2021 and the preliminary results for 2022, which each show an increase in findings.
As leaders of Ernst & Young LLP, we set clear expectations for the quality of work our professionals do each day, and we foster a culture of integrity and accountability. Read our 2023 audit quality report and our 2024 update on audit quality for our latest PCAOB inspection results.
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Jul 25, 2023 · The report, “Staff Update and Preview of 2022 Inspection Observations,” presents aggregate observations from the PCAOB’s inspections of certain public company audits conducted by 157 audit firms in 2022. It confirms what PCAOB Chair Erica Y. Williams warned of in December 2022 when she said the PCAOB was seeing an increase in comment ...
