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Deloitte & Touche LLP
United States · Deloitte Touche Tohmatsu Limited · Annually Inspected
- Inspection year
- 2020
- Report date
- 30-Sep-2021
- PCAOB release
- 104-2021-150a
- Audits reviewed
- 53
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 4%
- Part I.A deficiencies
- 9
- Part I.B deficiencies
- 3
- Report
- View PDF ↗
Deficiencies (9)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A8 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | With respect to four types of revenue the following deficiencies were identified: · The firm did not identify and test any controls over the accuracy and completeness of the customer order information from various source systems that the issuer used to record revenue. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 2 | Revenue | With respect to four types of revenue the following deficiencies were identified: · The firm's substantive procedures to test three of these types of revenue consisted of substantive analytical procedures. The firm used revenue data that were based on information from the various source systems to develop its expectations but did not test or identify and test controls over the accuracy and completeness of these revenue data. (AS 2305.16) Both financial statement and ICFR audits | AS 2305.16 | |
| 3 | Revenue | With respect to four types of revenue the following deficiencies were identified: · The firm selected for testing controls that consisted of the issuer's reviews of financial results including comparisons of each type of revenue to prior-period revenue and for three of these types of revenue to forecasted revenue. 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 | |
| 4 | Revenue | With respect to four types of revenue the following deficiencies were identified: · The firm selected for testing controls over the forecasted revenue used in the operation of the controls discussed above. The firm did not evaluate the specific review procedures that the control owners performed to assess the reasonableness of the forecasted revenue. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 5 | Revenue | With respect to four types of revenue the following deficiencies were identified: · The firm did not identify and test any controls over the accuracy and completeness of the forecast reports used in the operation of these controls. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 6 | Revenue | With respect to other types of revenue that were recorded at certain of the issuer's business units ('other revenue types') the following deficiencies were identified: · The firm did not evaluate whether specific risks of material misstatement existed for these other revenue types including whether the risks of material misstatement that the firm associated with revenue types at other business units subject to more extensive audit procedures also applied to these other revenue types. (AS 2101.11 and .12; AS 2201.B10) Both financial statement and ICFR audits | AS 2101.11; AS 2101.12; AS 2201.B10 | |
| 7 | Revenue | With respect to other types of revenue that were recorded at certain of the issuer's business units ('other revenue types') the following deficiencies were identified: · The firm selected for testing a control that consisted of the issuer's reviews of financial results including these other revenue types. 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 | |
| 8 | Revenue | With respect to other types of revenue that were recorded at certain of the issuer's business units ('other revenue types') the following deficiencies were identified: · The firm did not perform any substantive procedures to test these other revenue types. (AS 2301.08) Both financial statement and ICFR audits | AS 2301.8 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Accounts Receivable | The firm's substantive procedures to test accounts receivable as of an interim date consisted of performing confirmation procedures for a sample of invoices. The firm did not perform sufficient procedures to extend its conclusions from the interim date to year end because its procedures were limited to performing confirmation procedures for a small sample of invoices recorded as accounts receivable at year end. (AS 2301.45) Financial statement audit only | AS 2301.45 |