• Register
Return to: Home > News > Audit inspection reveals deficiencies in PwC Sweden

Audit inspection reveals deficiencies in PwC Sweden

A report released by the Public Company Accounting Oversight Board (PCAOB) highlights finding from an investigation into PwC Sweden. The results of the investigation highlighted deficiencies in the audit work conducted by the firm.

PCAOB reviewed parts of one issuer audit performed by PwC and also its audit work with one other issuer audit engagement in which it played a role but was not the principal auditor.

The result of the report was based on field work, reviews of audit work papers and the evaluation of the firm’s quality control policies and procedures conducted through interviews with the firm’s personnel.

The report said: “Certain deficiencies identified were of such significance that it appeared to the inspection team that the Firm, at the time it issued its audit report, had not obtained sufficient appropriate audit evidence to support its opinion that the financial statements were presented fairly.”

It appears that the firm failed to perform sufficient procedures to ‘test the design and operating effectiveness of controls over the allocation of revenue’.

The inspection also included reviews of the firm’s audit work of financial statement and even when applicable looked into audits of ICFR, as well as the firm’s audit work with other issuer audit engagements, which it played a role in.

If discrepancies were found in the report then the chance was given to PwC to provide a written response, the firm however did not provide a response which led to a deficiency and is evaluated for inclusion in the inspection report.


By Mishelle Thurai

Top Content

    MSI joins AGN and DFK in Global Connect

    A year after AGN International and DFK International launched Global Connect, multi-disciplinary association MSI has joined the group.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    The UK: uncertain waves rule Britannia

    The UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.