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MSPC, Certified Public Accountants and Advisors, A Professional Corporation
United States · Triennially Inspected
- Inspection year
- 2019
- Report date
- 25-Mar-2021
- PCAOB release
- 104-2021-089a
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (5)
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 | Revenue | The issuer generally recognized revenue for two categories of revenue. The firm selected for testing controls over one category of revenue that consisted of a monthly review of revenue recognition and a quarterly review over financial statement line items. For the monthly review control the firm did not evaluate whether the control was designed to ensure all relevant revenue recognition criteria had been met. (AS 2201.42 and .44) ICFR audit only | AS 2201.42; AS 2201.44 | |
| 2 | Revenue | The issuer generally recognized revenue for two categories of revenue. The firm selected for testing controls over one category of revenue that consisted of a monthly review of revenue recognition and a quarterly review over financial statement line items. For the quarterly review control the firm did not evaluate the review procedures that the control owner performed including the criteria that the control owner used to identify items for follow up and whether those items were appropriately resolved. (AS 2201.42 and .44) ICFR audit only | AS 2201.42; AS 2201.44 | |
| 3 | Revenue | For the second category of revenue the firm did not identify and test any controls over revenue recognition. (AS 2201.39) ICFR audit only | AS 2201.39 | |
| 4 | Long-Lived Assets | The firm selected for testing a control over management's review of long-lived assets for potential impairment. The firm did not evaluate the review procedures that the control owner performed including the criteria that the control owner used to identify items for follow up and whether those items were appropriately resolved. (AS 2201.42 and .44) ICFR audit only | AS 2201.42; AS 2201.44 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Long-Lived Assets | The firm did not evaluate the effect of certain impairment indicators on whether the carrying value of long-lived assets was recoverable. (AS 2301.08; AS 2810.03) Financial statement audit only | AS 2301.8; AS 2810.3 |