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Crowe Horwath LLP 2012

Crowe Horwath LLP 2012

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Published by Caleb Newquist

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Published by: Caleb Newquist on Jul 31, 2012
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1666 K Street, N.W.Washington, DC 20006Telephone: (202) 207-9100Facsimile: (202) 862-8433www.pcaobus.org
Report on2010 Inspection of Crowe Horwath LLP
 
(Headquartered in Oakbrook Terrace, Illinois)Issued by the
Public Company Accounting Oversight Board
June 28, 2012
PCAOB RELEASE NO. 104-2012-172
THIS IS A PUBLIC VERSION OF A PCAOB INSPECTION REPORTPORTIONS OF THE COMPLETE REPORT ARE OMITTEDFROM THIS DOCUMENT IN ORDER TO COMPLY WITHSECTIONS 104(g)(2) AND 105(b)(5)(A)OF THE SARBANES-OXLEY ACT OF 2002
 
 PCAOB Release No. 104-2012-172
Notes Concerning this Report
1. Portions of this report may describe deficiencies or potential deficiencies in the systems,policies, procedures, practices, or conduct of the firm that is the subject of this report. Theinclusion of certain deficiencies and potential deficiencies, however, should not be construedto support any negative inference that any other aspect of the firm's systems, policies,procedures, practices, or conduct is approved or condoned by the Board or judged by theBoard to comply with laws, rules, and professional standards.2. Any references in this report to violations or potential violations of law, rules, or professionalstandards are not a result of an adversarial adjudicative process and do not constituteconclusive findings of fact or of violations for purposes of imposing legal liability. Similarly,any description herein of a firm's cooperation in addressing issues constructively should notbe construed, and is not construed by the Board, as an admission, for purposes of potentiallegal liability, of any violation.3. Board inspections encompass, among other things, whether the firm has failed to identifyfinancial statement misstatements, including failures to comply with Securities andExchange Commission ("SEC" or "Commission") disclosure requirements, in its audits offinancial statements. This report's descriptions of any such auditing failures necessarilyinvolve descriptions of the apparent misstatements or disclosure departures. The Board,however, has no authority to prescribe the form or content of an issuer's financialstatements. That authority, and the authority to make binding determinations concerningwhether an issuer's financial statements are misstated or fail to comply with Commissiondisclosure requirements, rests with the Commission. Any description, in this report, offinancial statement misstatements or failures to comply with Commission disclosurerequirements should not be understood as an indication that the Commission hasconsidered or made any determination regarding these issues unless otherwise expresslystated.
 
 PCAOB Release No. 104-2012-172
2010 INSPECTION OF CROWE HORWATH LLP
PrefaceIn 2010, the Public Company Accounting Oversight Board ("PCAOB" or "theBoard") conducted an inspection of the registered public accounting firm CroweHorwath LLP ("Crowe Horwath" or "the Firm") pursuant to the Sarbanes-Oxley Act of2002 ("the Act").The Board is issuing this report in accordance with the requirements of the Act.
1 / 
 The Board is releasing to the public Part I of the report, Appendix C, and portions ofAppendix D. Appendix C provides an overview of the inspection process for annuallyinspected firms.
2 / 
Appendix D includes the Firm's comments, if any, on a draft of thereport.
3 / 
A substantial portion of the Board's criticisms of a firm (specifically criticisms ofthe firm's quality control system) is nonpublic, unless the firm fails to make sufficientprogress in addressing those criticisms.Board inspections are designed to identify and address weaknesses anddeficiencies related to how a firm performs audit work.
4 / 
To achieve that goal, Boardinspections include reviews of certain aspects of selected audits performed by the firmand reviews of certain aspects of the firm's quality control system. It is not the purpose
1/ 
In its Statement Concerning the Issuance of Inspection Reports, PCAOBRelease No. 104-2004-001 (August 26, 2004), the Board described its approach tomaking inspection-related information publicly available consistent with legalrestrictions.
2/ 
The Act requires the Board to conduct an annual inspection of eachregistered public accounting firm that regularly provides audit reports for more than 100issuers.
3/ 
The Board does not make public any of a firm's comments that address anonpublic portion of the report. In addition, pursuant to section 104(f) of the Act, 15U.S.C. § 7214(f), and PCAOB Rule 4007(b), if a firm requests, and the Board grants,confidential treatment for any of the firm's comments on a draft report, the Board doesnot include those comments in the final report at all. The Board routinely grantsconfidential treatment, if requested, for any portion of a firm's response that addressesany point in the draft that the Board omits from, or any inaccurate statement in the draftthat the Board corrects in, the final report.
4/ 
This focus on weaknesses and deficiencies necessarily carries through toreports on inspections and, accordingly, Board inspection reports are not intended toserve as balanced report cards or overall rating tools.

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