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Isla Lipana & Co.
Philippines · PricewaterhouseCoopers International Limited · Triennially Inspected
- Inspection year
- 2019
- Report date
- 06-Jul-2021
- PCAOB release
- 104-2021-135
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 1
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (1)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The issuer recognized revenue from product sales through multiple distribution channels and locations. The firm's substantive procedures to test revenue from one of the issuer's distribution channels consisted of (1) vouching a sample of receivables at year-end to subsequent cash collections (2) testing sales cut-off at year-end and (3) testing manual journal entries meeting certain criteria. In addition for locations meeting certain criteria the firm vouched a sample of sales transactions to supporting documentation. The firm did not perform sufficient substantive procedures to test revenue because the firm's procedures were limited to testing (1) receivables and sales transactions at or near year end (2) certain revenue recorded through manual journal entries and (3) sales transactions from certain locations selected in a manner that was not representative of the remaining population and as such the results of testing performed could not be projected to the remaining population. (AS 2301.08; AS 2315.24) Financial statement audit only | AS 2301.8; AS 2315.24 |