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Saturna Group Chartered Professional Accountants LLP
Canada · Triennially Inspected
- Inspection year
- 2019
- Report date
- 17-Sep-2021
- PCAOB release
- 104-2021-173a
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 1
- 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 | Revenue | The firm did not perform procedures to evaluate whether the issuer's revenue recognition was in conformity with GAAP. (AS 2810.30) Financial statement audit only | AS 2810.30 | |
| 2 | Revenue | The firm did not identify and evaluate the significance to the financial statements of the issuer's omission of certain disclosures required by GAAP. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 3 | Long-Lived Assets | The issuer engaged a specialist to determine the fair value of certain long-lived assets for use in the issuer's impairment analysis. The firm did not evaluate the following assumptions underlying the expected future cash flows that the issuer provided to the specialist: (1) the revenue gross profit margin and operating expense projections beyond the first year and (2) the period of the expected future cash flows which was different from the remaining estimated useful life of the assets. Further the firm did not evaluate the effects of the negative contribution margin in the current year on the operating expense projections. (AS 1210.12; AS 2810.03) Financial statement audit only | AS 1210.12; AS 2810.3 |