The firm's approach for substantively testing the fair value of investment securities was to test the issuer's process. The firm used a pricing tool it developed to recalculate the fair value of certain investment securities. The firm did not test the functionality of this pricing tool. (AS 2501.10)
The firm's approach for testing the valuation of certain AFS securities was to develop an independent estimate of the fair values for a sample of these AFS securities using prices the firm obtained from various other external pricing services. For purposes of evaluating the reasonableness of the differences between its independent estimates and the issuer's estimates the firm did not obtain an understanding of the assumptions used by the issuer's external pricing services for the individual securities selected for testing. (AS 2502.40)
Both financial statement and ICFR audits · full report
The issuer recorded the fair values of certain of its available-for-sale (AFS) securities based on broker quotes. The following deficiencies were identified: · The firm did not identify and test any controls over the reasonableness of the methods and assumptions the issuer used to value these securities. (AS 2201.39)
Both financial statement and ICFR audits · full report
Colombia · PricewaterhouseCoopers International Limited
Investment Securities
Estimate assumptions not evaluated
The issuer held a portfolio of investments which were carried at fair value. The following deficiencies were identified: · The firm did not perform any substantive procedures to evaluate the reasonableness of significant assumptions used by the issuer to estimate the fair value of certain other investments. (AS 2502.15)
Both financial statement and ICFR audits · full report
The firm selected an investment security for testing the fair value of certain investment securities. The firm did not perform any procedures to test the fair value of the remaining population of these investment securities. (AS 1105.27; AS 2501.07)