Regulators: Deficiencies in 28% of Deloitte audits

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An annual review of Deloitte & Touche's audits for clients showed that 15 out of 53 examined audits were deficient, and in a number of cases, the firm may not have provided enough evidence to pronounce its clients "clean" after an audit, according to a Wall Street Journal report.

The 28 percent rate of deficiency was slightly higher than Deloitte scored last year, according to the Public Company Accounting Oversight Board's reports.

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In a statement, Deloitte said the agency's review "serves an important role" and that the firm is "confident that the investments we have made and are continuing to make are resulting in significant enhancements to our audit quality."

Read the full story at WSJ.com.

CORRECTION: This article was updated to reflect that the audits reviewed by the Public Company Accounting Oversight Board were chosen for review because of their risk assessment and not at random.

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