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October 14, 2008updated 29 Apr 2022 12:37pm

Watchdog probe reveals deficiencies

Valuation-related deficiencies were identified by the US Public Company Accounting Oversight Board (PCAOB) during its annual review of KPMG Canada’s audits from 2007.

The PCAOB carried out annual inspections at the firm’s Toronto headquarters and four other offices, noting lapses in four separate client audit reports. The deficiencies included failing to sufficiently test the valuation of derivative instruments, failure to test the completeness of overpayments and the appropriateness and timing of revenue recognition.

In response, KPMG said it addressed each finding identified by the PCAOB by either performing additional audit procedures or improving audit documentation in a manner consistent with PCAOB auditing standards and its internal policies and procedures.

The firm said in all instances its original audit conclusions and reports on the issuers’ financial statements remained unchanged.

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