Explorer

For two business combinations the firm's approach for substantively testing the fair values of the provisions for contingent consideration to be paid to the sellers was to develop independent expectations of the estimates using an auditor-employed specialist. The following deficiency was identified: · For the other business combination the firm used the auditor-employed specialist to evaluate a significant assumption developed by the company's specialist which was also used by the firm to develop its independent expectation. The firm did not identify that the auditor-employed specialist did not perform any procedures to evaluate this assumption. (AS 1105.A8b; AS 1201.C6 and .C7)

For certain business combinations the firm did not identify and evaluate the issuer's omission of certain disclosures required under FASB ASC Topic 805 and FASB ASC Topic 820 related to certain assets acquired. (AS 2810.30 and .31)

During the year the issuer acquired several businesses. For one business combination the following deficiency was identified: · The firm did not perform any procedures to test the fair value of assets acquired and liabilities assumed. (AS 2501.07)

During the year the issuer acquired several businesses. For one business combination the following deficiency was identified: · The firm did not perform procedures to (1) evaluate the issuer's accounting for certain warrants issued in connection with the acquisition as equity; (2) test beyond recalculation the conversion ratio of equity instruments of the acquired company to equity instruments of the acquiror; and (3) test transaction costs incurred. (AS 2301.08)

For two business combinations the firm did not identify and evaluate the issuer's omission of certain required disclosures under FASB ASC Topic 820 related to certain assets acquired and a liability assumed. (AS 2810.30 and .31)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of acquired intangible assets using various significant assumptions. The following deficiency was identified: · The firm did not perform procedures beyond inquiry to evaluate the reasonableness of certain significant assumptions developed by the issuer. (AS 2501.16)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of acquired intangible assets using various significant assumptions. The following deficiency was identified: · The firm used an auditor-employed specialist to evaluate a significant assumption developed by the company's specialist. The firm did not identify that the auditor-employed specialist did not perform any procedures to evaluate this assumption. (AS 1105.A8b; AS 1201.C6 and .C7)

The firm did not evaluate whether in conformity with FASB ASC Topic 805 a separately identifiable intangible asset existed related to the retail customer base of the acquired business. (AS 2301.08)

The firm did not identify and evaluate the issuer's omission of certain required disclosures under FASB ASC Topic 820 related to certain assets acquired. (AS 2810.30 and .31)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair value of an acquired intangible asset using various significant assumptions. The following deficiency was identified: · The firm did not sufficiently evaluate the reasonableness of certain significant assumptions developed by the issuer because it did not (1) evaluate the relevance and reliability of certain market information it used and (2) take into account whether these assumptions were consistent with the issuer's intent and ability to carry out its plans. (AS 1105.04 and .06; AS 2501.16 and .17)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair value of an acquired intangible asset using various significant assumptions. The following deficiency was identified: · The firm did not perform procedures beyond inquiry to evaluate the reasonableness of certain other significant assumptions developed by the company's specialist or developed by the issuer. (AS 1105. A8b; AS 2501.16)

The firm did not evaluate whether in conformity with FASB ASC Topic 805 separately identifiable intangible assets existed related to the existing customer base and trade names of the acquired business. (AS 2301.08)

The firm did not identify and evaluate the issuer's omission of certain disclosures required under FASB ASC Topic 805 and FASB ASC Topic 820 related to certain assets acquired. (AS 2810.30 and .31)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired intangible assets using various significant assumptions. The following deficiency was identified: · The firm did not sufficiently evaluate the reasonableness of a significant assumption developed by the issuer because it did not evaluate a significant difference between this assumption and the issuer's recent experience. (AS 2501.16)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired intangible assets using various significant assumptions. The following deficiency was identified: · The firm used an auditor-employed specialist to evaluate a significant assumption developed by the company's specialist. The firm did not identify that the auditor-employed specialist did not perform any procedures to evaluate this assumption. (AS 1105.A8b; AS 1201.C6 and .C7)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired intangible assets using various significant assumptions. The following deficiency was identified: · The firm did not perform procedures beyond inquiring of management to evaluate the reasonableness of certain other significant assumptions developed by the company's specialist or developed by the issuer. (AS 1105.A8b; AS 2501.16)

The firm did not identify and evaluate the issuer's omission of certain disclosures required under FASB ASC Topic 805 and FASB ASC Topic 820 related to certain assets acquired. (AS 2810.30 and .31)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiency was identified: · For certain acquired intangible assets the firm did not perform procedures beyond inquiring of management to evaluate the reasonableness of certain significant assumptions developed by the issuer. (AS 2501.16)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiency was identified: · In its testing of the fair values of certain acquired assets the firm used the company's specialist's valuation report as audit evidence without performing procedures to evaluate the work of the company's specialist. (AS 1105.A6-.A10; AS 2501.07)

The firm did not perform procedures to test certain other assets acquired and liabilities assumed beyond tracing these amounts to the general ledger of the acquired business. (AS 2301.08; AS 2501.07)

The firm did not identify and evaluate the issuer's (1) omission of and (2) misstatements in certain disclosures required under FASB ASC Topic 805 and/or FASB ASC Topic 820. (AS 2810.30 and .31)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair value of an acquired intangible asset using various significant assumptions. The following deficiency was identified: · The firm did not sufficiently evaluate the reasonableness of certain significant assumptions developed by the issuer because it did not (1) take into account the issuer's intent and ability to carry out these assumptions (2) take into account changes in conditions or events affecting the issuer and/or (3) evaluate significant differences between the assumptions and the issuer's historical financial information. (AS 2501.16 and .17)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair value of an acquired intangible asset using various significant assumptions. The following deficiency was identified: · The firm did not perform any procedures to evaluate the reasonableness of certain other significant assumptions developed by the company's specialist or developed by the issuer. (AS 1105.A8b; AS 2501.16)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair value of an acquired intangible asset using various significant assumptions. The following deficiency was identified: · The firm did not test the accuracy and completeness of historical financial information produced by the issuer that (1) the firm used in evaluating the reasonableness of certain of these assumptions developed by the issuer and (2) was used by the company's specialist to develop another of these assumptions. (AS 1105.10 and .A8a)

During the year the issuer acquired multiple businesses and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiency was identified: · The firm did not perform procedures beyond inquiry of management to evaluate the reasonableness of certain significant assumptions developed by the issuer. (AS 2501.16)

During the year the issuer acquired multiple businesses and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiency was identified: · The firm used an auditor-employed specialist to evaluate certain significant assumptions developed by the company's specialist and used in the measurement of certain acquired intangible assets. The firm did not identify that the auditor-employed specialist did not perform any procedures to evaluate these assumptions. (AS 1105.A8b; AS 1201.C6 and .C7)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of an acquired intangible asset and the consideration transferred using various significant assumptions. The firm's approach for substantively testing the fair values of the acquired intangible asset and the consideration transferred was to test the issuer's process. The following deficiencies were identified: · With respect to the fair value of a portion of the consideration transferred the firm did not evaluate whether the method used by the issuer to determine the fair value was in conformity with FASB ASC Topic 820 Fair Value Measurement. Further the firm did not evaluate certain information provided by the company's specialist that suggested that the issuer's method to determine the fair value of this consideration may not be appropriate. (AS 2501.10; AS 2810.03)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of an acquired intangible asset and the consideration transferred using various significant assumptions. The firm's approach for substantively testing the fair values of the acquired intangible asset and the consideration transferred was to test the issuer's process. The following deficiencies were identified: · With respect to the fair value of the remaining consideration transferred the firm did not perform procedures beyond inquiring of management to evaluate the reasonableness of certain significant assumptions developed by the company's specialist or by the issuer. (AS 1105.A8b; AS 2501.16)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of an acquired intangible asset and the consideration transferred using various significant assumptions. The firm's approach for substantively testing the fair values of the acquired intangible asset and the consideration transferred was to test the issuer's process. The following deficiencies were identified: · With respect to the intangible asset the firm used an auditor-employed specialist to evaluate a significant assumption developed by the issuer. The firm did not identify that the auditor-employed specialist did not perform procedures beyond inquiring of management to evaluate the reasonableness of this assumption. (AS 1201.C6 and .C7; AS 2501.16)

During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of an acquired intangible asset and the consideration transferred using various significant assumptions. The firm's approach for substantively testing the fair values of the acquired intangible asset and the consideration transferred was to test the issuer's process. The following deficiencies were identified: · With respect to the intangible asset the firm used an auditor-employed specialist to evaluate a significant assumption developed by the issuer. The firm did not perform procedures beyond inquiring of management to evaluate the reasonableness of another significant assumption developed by the issuer. (AS 2501.16)

The firm did not identify and evaluate the issuer's omission of certain disclosures required under FASB ASC Topic 805 Business Combinations and FASB ASC Topic 820 related to certain assets acquired. (AS 2810.30 and .31)

The issuer acquired multiple businesses which included acquiring intangible assets. In addition during the year events or changes in circumstances existed indicating that the carrying value of these acquired intangible assets may not be recoverable. The issuer engaged a specialist to assist it in (1) determining the initial fair values of these acquired intangible assets and the provision for contingent consideration to be paid to the sellers and (2) performing an assessment of these acquired intangible assets for impairment. The following deficiencies were identified as of the acquisition date and/or at year end: · The firm used an auditor-employed specialist to evaluate certain significant assumptions developed by the company's specialist and used in the measurement or assessment of these acquired intangible assets. The firm did not identify that the auditor-employed specialist did not perform any procedures beyond inquiring of management to evaluate these assumptions. (AS 1105.A8b; AS 1201.C6 and .C7)

The issuer acquired multiple businesses which included acquiring intangible assets. In addition during the year events or changes in circumstances existed indicating that the carrying value of these acquired intangible assets may not be recoverable. The issuer engaged a specialist to assist it in (1) determining the initial fair values of these acquired intangible assets and the provision for contingent consideration to be paid to the sellers and (2) performing an assessment of these acquired intangible assets for impairment. The following deficiencies were identified as of the acquisition date and/or at year end: · The firm did not sufficiently evaluate the reasonableness of certain other significant assumptions developed by the issuer and used in the measurement or assessment of these acquired intangible assets because the firm did not evaluate the relevance and reliability of external information it used. (AS 1105.04 and .06)

The issuer acquired multiple businesses which included acquiring intangible assets. In addition during the year events or changes in circumstances existed indicating that the carrying value of these acquired intangible assets may not be recoverable. The issuer engaged a specialist to assist it in (1) determining the initial fair values of these acquired intangible assets and the provision for contingent consideration to be paid to the sellers and (2) performing an assessment of these acquired intangible assets for impairment. The following deficiencies were identified as of the acquisition date and/or at year end: · The firm did not perform any procedures to evaluate the relevance and reliability of certain of this information used by the company's specialist in determining the fair value of the contingent consideration. (AS 1105.A8a)

The issuer acquired multiple businesses which included acquiring intangible assets. In addition during the year events or changes in circumstances existed indicating that the carrying value of these acquired intangible assets may not be recoverable. The issuer engaged a specialist to assist it in (1) determining the initial fair values of these acquired intangible assets and the provision for contingent consideration to be paid to the sellers and (2) performing an assessment of these acquired intangible assets for impairment. The following deficiencies were identified as of the acquisition date and/or at year end: · The firm did not sufficiently evaluate the reasonableness of certain other significant assumptions developed by the issuer and used in the measurement or assessment of these acquired intangible assets because it did not (1) evaluate a significant difference between one of these assumptions and the issuer's experience or (2) take into account the issuer's intent and ability to carry out certain of these assumptions. (AS 2501.16 and .17)

For these business combinations the firm did not identify and evaluate the issuer's omission of certain required disclosures related to contingent considerations. (AS 2810.30 and .31)

During the year the issuer acquired a business and determined the fair value of a liability assumed in connection with the acquisition using various significant assumptions. The following deficiencies were identified: · The firm did not sufficiently evaluate the reasonableness of a significant assumption because it did not (1) take into account the issuer's intent and ability to carry out this assumption and (2) evaluate a significant difference between this assumption and the issuer's recent experience. (AS 2501.16 and .17)

During the year the issuer acquired a business and determined the fair value of a liability assumed in connection with the acquisition using various significant assumptions. The following deficiencies were identified: · The firm did not perform any procedures to evaluate the reasonableness of another significant assumption. (AS 2501.16)

During the year the issuer acquired a business and engaged specialists to determine the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm selected for testing controls that consisted of the issuer's reviews of the recognition and fair values of acquired assets including the assumptions used. The firm did not evaluate the specific review procedures that the control owners performed to assess (1) the reasonableness of certain assumptions (2) the fair value of acquired inventory and (3) whether all identifiable intangible assets were recognized. (AS 2201.42 and .44)

During the year the issuer acquired a business and engaged specialists to determine the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm did not perform any substantive procedures to test the fair value of acquired inventory. (AS 2501.07)

During the year the issuer acquired a business and engaged specialists to determine the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm used certain issuer-produced reports in its substantive testing of the existence of acquired inventory but did not perform procedures to test or test controls over the accuracy and completeness of these reports. (AS 1105.10)

During the year the issuer acquired a business and engaged specialists to determine the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm's approach for substantively testing the fair value of an acquired intangible asset was to test the issuer's process and the firm used an auditor-employed specialist to evaluate a significant assumption developed by one of the company's specialists. The firm did not identify that the work of the auditor-employed specialist did not provide sufficient appropriate audit evidence because the auditor-employed specialist did not evaluate the relevance and reliability of external information it used in evaluating the reasonableness of this assumption. (AS 1105.04 and .06; AS 1201.C6 and .C7)

During the year the issuer acquired a business and engaged specialists to determine the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The sample size the firm used in its substantive procedures to test the fair values of certain other acquired assets was too small to provide sufficient appropriate audit evidence because in determining the sample size the firm did not take into account the tolerable misstatement for the population. (AS 2315.16 .23 and .23A)

The firm did not evaluate whether a separately identifiable intangible asset should have been recorded related to certain rights held by the acquired business. (AS 2301.08)

The firm's internal inspection program inspected this audit and reviewed the Revenue and Business Combination areas but did not identify the deficiencies below. During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm selected for testing a control that consisted of the issuer's review of the recognition and fair values of acquired assets including the assumptions used. The firm did not evaluate the specific review procedures that the control owners performed to assess (1) the reasonableness of certain assumptions and (2) whether all identifiable intangible assets were recognized. (AS 2201.42 and .44)

The firm's internal inspection program inspected this audit and reviewed the Revenue and Business Combination areas but did not identify the deficiencies below. During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm did not perform procedures beyond inquiry to evaluate the reasonableness of a significant assumption developed by the issuer. (AS 2501.16)

The firm's internal inspection program inspected this audit and reviewed the Revenue and Business Combination areas but did not identify the deficiencies below. During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm did not sufficiently evaluate the reasonableness of another significant assumption developed by the issuer because it did not evaluate significant differences between this assumption and the issuer's historical and recent experience. (AS 2501.16)

The firm's internal inspection program inspected this audit and reviewed the Revenue and Business Combination areas but did not identify the deficiencies below. During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm did not evaluate the relevance and reliability of external information it used in its substantive testing of certain significant assumptions. (AS 1105.04 and .06)

The firm's internal inspection program inspected this audit and reviewed the Revenue and Business Combination areas but did not identify the deficiencies below. During the year the issuer acquired a business and engaged a specialist to assist it in determining the fair values of certain acquired assets using various significant assumptions. The following deficiencies were identified: · The firm used an auditor-employed specialist to evaluate a significant assumption developed by the company's specialist. The firm did not identify that the work of the auditor-employed specialist did not provide sufficient appropriate audit evidence because the auditor-employed specialist did not evaluate the relevance and reliability of external information the company's specialist used. (AS 1105.A8a; AS 1201.C6 and .C7)

The firm's internal inspection program inspected this audit and reviewed the Revenue and Business Combination areas but did not identify the deficiencies below. The firm did not evaluate whether separately identifiable intangible assets should have been recorded related to (1) certain technology in development and (2) technical expertise possessed by the acquired business. (AS 2301.08)