- Inspection year
- 2019
- Report date
- 05-Feb-2021
- PCAOB release
- 104-2021-054
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 2
- Report
- View PDF ↗
Deficiencies (3)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Dividend Income | The issuer used two service organizations to process and record dividend income. The firm's approach to testing dividend income included reliance on controls. The firm did not identify and test any complementary user controls over dividend income identified in the service auditor reports. (AS 2601.11 and .12) Financial statement audit only | AS 2601.11; AS 2601.12 | |
| 2 | Dividend Income | In addition for one service organization the firm limited its procedures to reading the bridge letter between the date of the service auditor's report which was seven months before year end and year end. (AS 2601.16) Financial statement audit only | AS 2601.16 | |
| 3 | Dividend Income | The sample size the firm used in certain of its substantive procedures to test dividend income was too small to provide sufficient appropriate audit evidence because these procedures were based on a level of control reliance that was not supported due to the deficiencies in the firm's control testing discussed above. (AS 2301.16 .18 and .37; AS 2315.19 .23 and .23A) Financial statement audit only | AS 2301.16; AS 2301.18; AS 2301.37; AS 2315.19; AS 2315.23; AS 2315.23A |