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| Firm | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| WithumSmith+Brown, PC United States | Warrants Reliance on a specialist or pricing service | During the year the issuer acquired a business. The issuer assumed a liability related to certain warrants as a result of this acquisition and recorded a gain related to the change in the fair value of this liability between the acquisition date and year end. The firm did not sufficiently test this gain because it did not perform any procedures to evaluate the reasonableness of the fair value of the liability recorded at the acquisition date beyond reading the valuation report that was prepared by the company's specialist. (AS 2501.07) Financial statement audit only · full report | AS 2501.7 | Significant risk |
| WithumSmith+Brown, PC United States | Warrants Accounting or disclosure treatment not evaluated | The firm did not perform procedures beyond reading an issuer-prepared memorandum to evaluate whether the issuer's accounting for warrants as equity was in conformity with FASB ASC Topic 815 Derivatives and Hedging. (AS 2301.08) Financial statement audit only · full report | AS 2301.8 | |
| Zwick CPA, PLLC United States | Warrants Accounting or disclosure treatment not evaluated | During the year the issuer issued common stock with warrants. The firm did not perform any procedures to test whether the warrants should have been accounted for as equity or a liability. (AS 2301.08) Financial statement audit only · full report | AS 2301.8 |