Explorer

The firm's approach for substantively testing the issuer's impairment analysis for certain long-lived assets was to develop an independent expectation. The following deficiencies were identified: - The firm did not perform any procedures beyond inquiring of management to demonstrate that it had a reasonable basis for certain of its assumptions used in its independent expectation. (AS 2501.22)

The firm did not identify and evaluate the significance to the financial statements of a departure from the issuer's applicable financial reporting framework related to the issuer's omission of certain required disclosures. (AS 2810.30 and 2810.31)

During the year the issuer reclassified certain long-lived assets due to a change in the intended use of these assets. The firm did not evaluate whether the reclassification met all of the requirements in accordance with the issuer's applicable financial reporting framework. (AS 2810.30)

The issuer engaged an external specialist to assist in the valuation of certain other long-lived assets. The following deficiencies were identified: · The firm did not perform procedures to evaluate the relevance and reliability of the company's specialist valuation report and whether the specialist's findings support or contradict the valuation of certain long-lived assets because it did not identify and evaluate that the valuation report was prepared to assess valuation at a date other than year end. (AS 1105.A9)

The firm did not identify and evaluate a departure from GAAP related to the issuer's inaccurate disclosure related to the accounting for and presentation and disclosure of impairment. (AS 2810.30 and .31)

The issuer capitalized interest related to certain projects. The firm did not identify and evaluate departures from GAAP related to the issuer's capitalization of interest for one project that was substantially complete and ready for its intended use and for another project for which activities necessary to get the asset ready for its intended use were not in progress in accordance with FASB ASC Topic 835 Interest. (AS 2810.30)

The firm did not identify and evaluate a departure from GAAP related to the issuer's incorrect presentation of an asset as a long-lived asset on the balance sheet. (AS 2810.30 and .31)

For certain long-lived assets the firm did not perform any procedures to evaluate whether the assets were impaired. (AS 2301.08 and .11)

For certain other long-lived assets the firm did not perform sufficient procedures to evaluate whether there were impairment indicators because it limited its procedures to inquiry of management and using market data without evaluating the relevance and reliability of this data. Further the firm did not perform any procedures to address contrary evidence of which it was aware. (AS 2301.08 and .11; AS 1105.04 and .06; AS 2810.03)

The issuer engaged an external specialist to assist in the valuation of certain other long-lived assets. The following deficiencies were identified: · The firm did not evaluate the reasonableness of certain significant assumptions developed by the company's specialist. (AS 1105.A8b)

The issuer engaged an external specialist to assist in the valuation of certain other long-lived assets. The following deficiencies were identified: · The firm did not sufficiently evaluate the reasonableness of another significant assumption because it limited its procedures to comparing the assumption to various external information. Further the firm did not evaluate the relevance and reliability of the information. (AS 1105.04 .06 and .A8b)

The issuer engaged an external specialist to assist in the valuation of certain other long-lived assets. The following deficiencies were identified: · The firm did not test the accuracy and completeness of the data provided by the issuer to the specialist beyond comparing the data to other issuer provided information. (AS 1105.A8a)

The issuer engaged a specialist to perform a quantitative assessment to test the recoverability of certain long-lived assets. The firm did not perform procedures to test the valuation of these long-lived assets beyond obtaining a summary of the company's specialist's valuation memorandum. Further the firm did not perform any procedures with respect to its use of the work of the company's specialist as audit evidence. (AS 1105.A1-.A10; AS 2501.07)