An analysis of Public Company Accounting Oversight Board (PCAOB) inspection results has found that nearly half of fair value measurement audit deficiencies, 49 percent, came as a result of merger and acquisition activities in 2013, according to CFO.com. Consulting firm Acutas, which conducted the study, said this has produced a wide range of errors, such as failing to properly test cash flow projection data, failing to properly test management techniques for asset valuation, and even failing to detect intangible assets that need an assigned value. The results, according to CFO.com, represent a significant shift away from the time when fair value measurement deficiencies were found mostly in audits of financial instruments.

Mergers and acquisitions have been booming over the past few years, not just among CPA firms but the economy as a whole. According to Bloomberg, mergers have been increasing at their fastest pace in 14 years, especially among large companies. With an uptick in mergers, the study's authors urged more care in audits of those mergers.