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The issuer considered one short-term equity investment to be illiquid and expected that it would continue to be illiquid for an indefinite period. The firm did not perform any procedures to evaluate whether the issuer's accounting for the investment as a trading security was in accordance with GAAP including its classification as a current asset. (AS 2810.30 and .31)

The issuer used various external pricing sources to determine the fair value of certain investments. The firm did not test the fair value of these investments beyond comparing their fair value to (1) pricing data that the firm obtained from the same sources used by the issuer or (2) a pricing report prepared by the issuer. (AS 2502.26 and .28)

The issuer held a portfolio of investments which were carried at fair value. The following deficiencies were identified: · The firm's approach for substantively testing the presentation and disclosure of investments was to review and test management's process. The firm did not sufficiently test the disclosure of investments within the fair value hierarchy because it did not evaluate whether the significant inputs used to establish the fair value of those investments were observable or unobservable. (AS 2502.43)