Report: auditing missteps during the economic crisis.

• Position: News&trends

A new Public Company Accounting Oversight Board report that, summarizes inspection observations of audits of financial institutions and other companies during the economic crisis finds:

* Instances where auditors appeared not to have complied with PCAOB auditing standards in connection with audit areas that were significantly affected by the economic crisis.

* The deficiencies identified by inspectors in their reviews of issuer audits suggest that firms should continue to focus on making improvements to their...