Accounting Firms Regulator Unhappy with Audits

The United States regulator of accounting firms is reportedly unhappy with the audits performed by Deloitte & Touche, and this isn’t the first time the regulator has felt that way either. No, in fact, this marks the second year in a row that problems and deficiencies have been found with Deloitte & Touche’s auditing process. Last year, when the deficiencies were found, the organization was asked to correct them, but satisfactory improvements have not been made.

Some of the oversights of which the firm is allegedly guilty include not exercising enough care and close attention during audits, not practicing “professional skepticism,” and not properly checking and verifying information.

While it’s unclear what the future holds for Deloitte & Touche, know that, if you work with the friendly professionals at Susan S. Lewis, Ltd. of Naperville, you can greatly reduce your chances of being audited in the first place, meaning you’ll never have to worry about the proficiency of the auditing firm assigned to you or about anything else related to your financial future.

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• Audit Board Finds Flaws in Deloitte's Work, but Also Improvement (dealbook.nytimes.com)