TAILIEUCHUNG - REPORT ON OBSERVATIONS OF PCAOB INSPECTORS RELATED TO AUDIT RISK AREAS AFFECTED BY THE ECONOMIC CRISIS

The CGAP is the sum of an economy’s idiosyncratic performance over the two years from the first quarter of 2008 to the fourth quarter of 2009. A positive value indicates that an economy outperformed the global economy while a negative value indicates underperformance. A value of 10%, for example, implies that an economy had real GDP growth 10% higher than we would expect, given the path of the global economy, over this two year period. The 2008-2009 period includes the worst stages of the crisis, both for those economies that were severely impacted by the Lehman Brothers collapse in September. | PCAOB Public Company Accounting Oversight Board REPORT ON OBSERVATIONS OF PCAOB INSPECTORS RELATED TO AUDIT RISK AREAS AFFECTED BY THE ECONOMIC CRISIS1 __ 1666 K Street NW Washington . 20006 Telephone 202 207-9100 FaCsimile 202 862-8430 PCAOB Release No. 2010-006 September 29 2010 Executive Summary The Public Company Accounting Oversight Board PCAOB or Board conducts regular inspections of registered public accounting firms that audit the financial statements of public companies. In its inspections the PCAOB reviews among other things the quality of a firm s audit work in audits that the PCAOB selects based on a variety of factors. Those reviews focus on whether auditors have appropriately carried out their responsibility to obtain reasonable assurance about whether issuers financial statements are free of material misstatement whether caused by error or fraud. The Board is issuing this report to inform the public concerning the audit risks and challenges that it has identified through its inspection program as a result of the disruption in credit and financial markets and the broader economic downturn the economic crisis . This report covers aspects of the Board s work during the 2007 2008 and 2009 inspection cycles relating to domestic registered firms firms or registered firms . The audit deficiencies described in this report have been communicated to the firms involved through PCAOB comment forms or inspection reports for the years in question and in many cases the deficiencies are described in - Information received or prepared by the Board in connection with any inspection of a registered public accounting firm is subject to certain confidentiality restrictions set out in Sections 104 g 2 and 105 b 5 of the Sarbanes-Oxley Act of 2002 the Act . Under the Board s Rule 4010 however the Board may publish summaries compilations or general reports concerning the results of its various inspections provided

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