- Inspection year
- 2020
- Report date
- 28-Feb-2022
- PCAOB release
- 104-2022-070a
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- —
- Report
- View PDF ↗
Deficiencies (2)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Intangible Assets | The issuer performed a qualitative assessment to determine whether any of its intangible assets were impaired and concluded that no relevant events or circumstances existed based on certain assumptions. The firm did not evaluate these assumptions. (AS 2501.07) Financial statement audit only | AS 2501.7 | |
| 2 | Inventory | Certain inventory was held by an outside custodian. The firm did not perform sufficient procedures to test the existence of this inventory because it limited its procedures to testing certain purchases of this inventory during the year. (AS 2510.14) Financial statement audit only | AS 2510.14 |