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The PCAOB has reported notable improvements in deficiency rates among the six largest global auditing firms in its 2024 inspection results. The aggregate Part I.A deficiency rate for all inspected firms decreased to 39%, down from 46% in 2023. Erica Williams, PCAOB chair, said: "We challenged the audit profession to do better for America's investors, and these significant improvements demonstrate real progress in protecting investors." The Big Four firms saw their deficiency rate drop to 20% from 26%. While progress is evident, Williams emphasized the need for continued efforts to enhance audit quality, urging firms to build on this momentum. The PCAOB's initiatives include increasing transparency and providing resources to improve audit practices.
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