The issuer recognized certain revenue based on product volumes delivered to its customers and accounted for certain of these arrangements as operating leases. The following deficiencies were identified: · The firm did not identify and test any controls that addressed whether the issuer's classification of certain arrangements as operating leases was appropriate. (AS 2201.39)
Both financial statement and ICFR audits · full report
During the year the issuer identified misstatements in its accounting for certain leases and control deficiencies associated with these misstatements. The following audit deficiency was identified: · The firm did not evaluate the severity of these control deficiencies individually or in combination to determine whether they represented a material weakness. (AS 2201.62)
Both financial statement and ICFR audits · full report
During the year the issuer identified misstatements in its accounting for certain leases and control deficiencies associated with these misstatements. The following audit deficiency was identified: · The firm performed substantive procedures to test certain of these misstatements but did not test or test any controls over the completeness of the lease data that the issuer used to calculate these misstatements. (AS 1105.10)
Both financial statement and ICFR audits · full report
The firm selected for testing a control that consisted of a reconciliation of the lease asset and liability balances from the lease sub-ledger to the general ledger. The firm did not identify and test any controls over the accuracy of the lease information included in manually-prepared spreadsheets that the control owners used in the operation of this control. (AS 2201.39)
Both financial statement and ICFR audits · full report