The issuer recognized certain revenue and computed the related deferred revenue using an assumption that it developed from data obtained from external sources. The firm performed certain procedures to test this external data. The firm also performed a test of details on a sample of revenue transactions to test the occurrence of this revenue. The following deficiency was identified: · The firm did not perform sufficient procedures to test the relevance and reliability of the external data because it limited its procedures to (1) confirming the data with two of the external sources and (2) verifying that certain information was appropriately captured by certain of the external sources. (AS 1105.04 and.06) In connection with our review the firm determined that it would be unable to perform additional procedures to obtain sufficient appropriate audit evidence regarding the relevance and reliability of the external data and withdrew its report on the issuer's financial statements. Shortly after the firm withdrew its report the issuer withdrew its registration statement on Form F-1.
The issuer recognized certain revenue and computed the related deferred revenue using an assumption that it developed from data obtained from external sources. The firm performed certain procedures to test this external data. The firm also performed a test of details on a sample of revenue transactions to test the occurrence of this revenue. The following deficiency was identified: · The firm did not perform any procedures to test certain revenue transactions selected for testing. (AS 2301.08) In connection with our review the firm determined that it would be unable to perform additional procedures to obtain sufficient appropriate audit evidence regarding the relevance and reliability of the external data and withdrew its report on the issuer's financial statements. Shortly after the firm withdrew its report the issuer withdrew its registration statement on Form F-1.