- Inspection year
- 2019
- Report date
- 21-Jan-2021
- PCAOB release
- 104-2021-041
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (2)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm did not identify and appropriately address a departure from GAAP related to the issuer's inaccurate disclosure that it recognized revenue in accordance with FASB ASC Topic 606 Revenue from Contracts with Customers when it had not early adopted the new standard and was still recognizing revenue in accordance with FASB Topic ASC 605 Revenue Recognition. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 2 | Revenue | The firm's testing of revenue was not sufficient as the firm did not test whether the applicable revenue recognition criteria had been met. In addition the firm did not evaluate whether the issuer's revenue recognition was in compliance with all applicable GAAP. (AS 2301.08; AS 2810.30) Financial statement audit only | AS 2301.8; AS 2810.30 |