- Inspection year
- 2019
- Report date
- 02-Feb-2021
- PCAOB release
- 104-2021-045
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 4
- Report
- View PDF ↗
Deficiencies (4)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A4 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The firm did not identify and appropriately address a departure from GAAP related to the issuer's omission of certain required disclosures for short-term investments under FASB ASC Topic 820 Fair Value Measurement related to (1) the categorization of these investments within the fair value hierarchy and (2) a description of the valuation techniques and the inputs used in the fair value measurements. (AS 2502.43) Financial statement audit only | AS 2502.43 | |
| 2 | Investment Securities | The issuer considered one short-term equity investment to be illiquid and expected that it would continue to be illiquid for an indefinite period. The firm did not perform any procedures to evaluate whether the issuer's accounting for the investment as a trading security was in accordance with GAAP including its classification as a current asset. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 3 | Investment Securities | The firm's substantive procedures to test the valuation of investment securities consisted of agreeing investments to brokerage statements. The firm did not perform any procedures to evaluate the relevance and reliability of the values included in the brokerage statements. (AS 1105.04 and .06; AS 2502.26 and .28) Financial statement audit only | AS 1105.4; AS 1105.6; AS 2502.26; AS 2502.28 | |
| 4 | Investment Securities | The firm did not perform any procedures to test the realized gains from the sale of investments. (AS 2301.36) Financial statement audit only | AS 2301.36 |