The AICPA Center for Public Company Audit Firms (CPCAF) issued a report on the Public Company Accounting Oversight Board’s findings from its inspections of eight PCAOB-registered firms that audit more than 100 public companies ( www.aicpa.org/cpcaf/download/PCAOB_inspection_deficiency_analysis_january2006.pdf ). An earlier analysis focused on PCAOB deficiency reports for firms with 100 or fewer SEC-registered audit clients ( www.aicpa.org/cpcaf/download/PCAOB_inspection_deficiencies.pdf ). The CPCAF addressed only the deficiencies reported in the public portions of the PCAOB inspection reports and did not include cited criticisms of a firm’s quality control system. Large firms’ most common deficiencies related to confirmation procedures, estimates, substantive/analytical procedures, documentation, risk assessment vs. tests, GAAP applicability, materiality, third-party service organizations, sample sizes and arrangements or side agreements. For smaller firms, the most common deficiencies involved revenue, expenses, accounts receivable, inventory, allowances for loan losses, accrued expenses, business combinations or acquisitions, going concern issues, investments and equity transactions.