Explorer

The firm sent positive confirmation requests to related parties. The following deficiencies were identified: · The firm did not perform sufficient procedures to test related party transactions and balances because it limited its procedures to confirmation requests of the related party balances. (AS 2410.12)

The firm sent positive confirmation requests to related parties. The following deficiencies were identified: · The firm did not identify certain conditions indicating that certain confirmation responses might not be authentic or might not have come from the purported source. As a result the firm did not perform additional audit procedures to respond to those conditions and evaluate their effect if any on the other aspects of the audit. (AS 1105.09)

The firm sent positive confirmation requests to related parties. The following deficiencies were identified: · The firm received electronic responses to certain of its confirmation requests. The firm did not consider performing procedures to address the risks associated with the electronic responses such as verifying the source and contents of the confirmation responses. (AS 2310.29)

The firm sent positive confirmation requests to related parties. The following deficiencies were identified: · The firm received a response from a related party in which the related party indicated that it both agreed and disagreed with the balances. The firm did not sufficiently evaluate the evidence provided by this confirmation because it did not consider the reliability of the confirmation the nature of the exceptions and whether additional evidence was needed. (AS 2310.33; AS 2810.03)

The firm sent positive confirmation requests to related parties. The following deficiencies were identified: · The firm did not perform any procedures to test the allowance for doubtful accounts from related parties. (AS 2501.07)

To test an amount due to a related party the firm sent a positive confirmation request with an amount that did not agree with the amount on the balance sheet. The firm received a response from the related party without any exceptions. The firm subsequently sent another request with the amount recorded on the balance sheet and received a response without any exceptions. The firm did not sufficiently evaluate the evidence provided by the two confirmations because it did not consider the reliability of the confirmations the nature of the exceptions between the two confirmations and whether additional evidence was needed. (AS 2310.33; AS 2810.03)

The issuer entered into various transactions with related parties. The following deficiency was identified: • The firm did not perform procedures to test related party transactions and balances including the presentation of the transactions in the statement of cash flows beyond sending confirmation requests for the balances and inspecting evidence of cash receipts and payments. Further for certain confirmations that were not returned or that were returned without a response the firm did not perform alternative procedures. (AS 2310.31; AS 2410.12)

The firm used a positive confirmation request to test a related party transaction. The firm did not maintain control over the confirmation request and response through direct communication with the intended recipient of the confirmation request because the issuer sent and received the request. (AS 2310.28) [This citation refers to AS 2310 The Confirmation Process which was in effect for this audit. This standard was replaced by AS 2310 The Auditor's Use of Confirmation which became effective for audits of financial statements for fiscal years ending on or after June 15 2025.]

The firm did not perform any procedures to test the identified transactions with related parties including the amounts receivable at year end beyond sending confirmation requests to certain related parties. (AS 2410.12)

The firm did not apply alternative procedures to the nonresponses to the confirmation requests. (AS 2310.31)