- Inspection year
- 2020
- Report date
- 28-Feb-2022
- PCAOB release
- 104-2022-080a
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 3
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 7
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (7)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A4 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm did not identify and appropriately address the issuer's omission of certain disclosures required by FASB ASC Topic 606 Revenue from Contracts with Customers. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 2 | Revenue | To test revenue the firm selected sales transactions for testing that exceeded a monetary threshold. The firm did not perform procedures beyond performing year-end cut-off procedures to test the remaining population of sales transactions. (AS 1105.27; AS 2301.08) Financial statement audit only | AS 1105.27; AS 2301.8 | |
| 3 | Business Combinations | During the year the issuer completed a business combination. The firm did not perform any procedures to evaluate the reasonableness of the fair value assigned to certain acquired assets. (AS 2502.15) Financial statement audit only | AS 2502.15 | |
| 4 | Business Combinations | During the year the issuer completed a business combination. The firm did not evaluate whether this transaction was recorded in conformity with FASB ASC Topic 805 Business Combinations. (AS 2810.30) Financial statement audit only | AS 2810.30 |
Issuer B2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue and Related Accounts | To test certain revenue the firm selected sales transactions for testing that exceeded a monetary threshold. The firm did not perform procedures to test the remaining population of sales transactions. (AS 1105.27; AS 2301.08) Financial statement audit only | AS 1105.27; AS 2301.8 | |
| 2 | Revenue and Related Accounts | To test the related receivables the firm selected items for testing that exceeded a monetary threshold or met specific criteria. The firm did not perform any procedures to test the remaining population of receivables. (AS 1105.27; AS 2301.08) Financial statement audit only | AS 1105.27; AS 2301.8 |
Issuer C1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Debt | The firm selected for confirmation certain debt and received electronic responses to its confirmation requests. The firm did not consider performing procedures to address the risk associated with electronic responses. (AS 2310.29) Financial statement audit only | AS 2310.29 |