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Journal Entries
206 deficiencies · 3 led to a wrong opinion · 4 on a significant-risk area
How audits fail in Journal Entries
The recurring ways firms fell short. Click any one to read the real inspection findings.
- Journal entries / fraud procedures197
Deficiencies in testing journal entries or in responding to identified fraud risks.
3 wrong opinion3 significant risk - Accuracy/completeness of client data not tested4
The firm used issuer-prepared schedules, reports, or system data without testing that they were accurate and complete.
1 significant risk - Management review controls not fully evaluated4
The firm tested a management review control but didn't evaluate the specific procedures the reviewer performed, or the control's precision.
- Sample too small or unsupported1
The sample the firm tested was too small, or the basis for the sample size didn't support the conclusion.
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