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PricewaterhouseCoopers
Australia · PricewaterhouseCoopers International Limited · Triennially Inspected
- Inspection year
- 2019
- Report date
- 16-Jun-2021
- PCAOB release
- 104-2021-116
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 6
- Part I.B deficiencies
- —
- Report
- View PDF ↗
Deficiencies (6)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A6 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Receivables | The issuer classified receivables into two categories and evaluated receivables for impairment either individually or collectively using various models and assumptions. The following deficiencies were identified with respect to one or both categories of receivables: · The firm selected for testing controls that consisted of reviews of the issuer's models and related assumptions used by management to estimate the value of receivables. For certain controls the firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 2 | Receivables | The issuer classified receivables into two categories and evaluated receivables for impairment either individually or collectively using various models and assumptions. The following deficiencies were identified with respect to one or both categories of receivables: · The firm did not identify and test any controls over the write-off of receivables. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 3 | Receivables | The issuer classified receivables into two categories and evaluated receivables for impairment either individually or collectively using various models and assumptions. The following deficiencies were identified with respect to one or both categories of receivables: · The firm's approach for substantively testing the receivables was to review and test management's process. The firm did not sufficiently evaluate the reasonableness of the receivables because the firm did not perform procedures to test certain assumptions used by the issuer to estimate the value of receivables. (AS 2501.09 .10 and .11) Both financial statement and ICFR audits | AS 2501.9; AS 2501.10; AS 2501.11 | |
| 4 | Receivables | The issuer classified receivables into two categories and evaluated receivables for impairment either individually or collectively using various models and assumptions. The following deficiencies were identified with respect to one or both categories of receivables: · The firm did not evaluate the reasonableness of certain other assumptions used by management to estimate the valuation of a portion of certain receivables as the firm confined its evaluation of those assumptions to receivables that met pre-determined criteria and did not perform any substantive procedures to test the valuation of the remaining population of these receivables. (AS 1105.27) Both financial statement and ICFR audits | AS 1105.27 | |
| 5 | Receivables | The issuer classified receivables into two categories and evaluated receivables for impairment either individually or collectively using various models and assumptions. The following deficiencies were identified with respect to one or both categories of receivables: · The firm did not evaluate the reasonableness of assumptions and models used to appraise or otherwise estimate the fair value of collateral as used by management to estimate the value of certain receivables. (AS 2502.26 .28 and .38) Both financial statement and ICFR audits | AS 2502.26; AS 2502.28; AS 2502.38 | |
| 6 | Receivables | The issuer classified receivables into two categories and evaluated receivables for impairment either individually or collectively using various models and assumptions. The following deficiencies were identified with respect to one or both categories of receivables: · The firm did not perform any substantive procedures to test the write-off of certain other receivables. (AS 2501.07) Both financial statement and ICFR audits | AS 2501.7 |