Explorer

The firm selected for testing two controls over the review of transactions recorded to a significant account. For one control the firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44)

The firm selected for testing controls over the review of aspects of these significant accounts. The firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44) In addition the firm did not test controls over the accuracy and completeness of information used in these controls. (AS 2201.39)

The firm selected for testing controls over the review of aspects of these significant accounts. The firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44) In addition the firm did not test controls over the accuracy and completeness of information used in these controls. (AS 2201.39)

The issuer recorded a significant account based on estimates. The firm identified and tested controls to reduce the nature timing and extent of its substantive procedures to test this significant account. The following deficiencies were identified: · The firm selected for testing controls over the review of certain aspects of this significant account. The firm did not perform procedures to evaluate the specific review procedures that the control owners performed to (i) evaluate the reasonableness of the assumptions (ii) evaluate whether data was appropriately used in determining the estimate and (iii) test the accuracy and completeness of certain information used in the performance of these controls. (AS 2301.19 and .21)

The firm selected for testing controls that consisted of the issuer's review of the reasonableness of certain significant assumptions used by the issuer in developing an estimate related to this significant account. The firm did not evaluate the review procedures that the control owner performed including the procedures to identify items for follow-up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44)

The firm selected for testing a control that consisted of the issuer's review of an aspect of the accounting treatment for this significant account. The firm did not evaluate the specific review procedures that the control owner performed to evaluate whether the accounting treatment was in accordance with GAAP. (AS 2201.42 and .44)

The issuer used a valuation model to determine the fair value of a significant account. The firm selected for testing certain controls that consisted of management's review of the reasonableness of the assumptions used in the valuation model and the output from the valuation model. The firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44)