The issuer determined the recorded fair value of its derivatives based on valuations provided by an external valuation specialist. The firm selected for testing a control that consisted of the review of the valuation report prepared by the external valuation specialist including underlying inputs and assumptions. The firm did not identify and test any controls over the accuracy and completeness of the information that was used in the operation of this control. (AS 2201.39)
Both financial statement and ICFR audits · full report
The issuer designated certain instruments as net investment hedges under FASB ASC Topic 815 Derivatives and Hedging. The following deficiencies were identified: · The firm's substantive procedures to test these net investment hedges consisted of substantive analytical procedures. The firm used data produced by the issuer to develop its expectations but did not test or test any controls over the accuracy and completeness of these data. (AS 2305.16)
Both financial statement and ICFR audits · full report
Chile · PricewaterhouseCoopers International Limited
Derivatives
Accuracy/completeness of client data not tested
The issuer held a portfolio of derivatives and investment securities (collectively 'investments') which were carried at fair value. - The firm selected for testing a control that consisted of a reconciliation of mark to market values of derivatives and investment securities and the investigation of variances over established thresholds. The firm did not identify and test any controls over the accuracy and completeness of certain data used in the operation of this control. (AS 2201.39)
Both financial statement and ICFR audits · full report
The firm did not perform any substantive procedures to test or in the alternative identify and test controls over the accuracy and completeness of data used in this determination. (AS 2502.39)