- Inspection year
- 2020
- Report date
- 28-Feb-2022
- PCAOB release
- 104-2022-081
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- —
- Report
- View PDF ↗
Deficiencies (5)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A5 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue and Related Receivables | The issuer recognized certain revenue from services. For this revenue the firm did not evaluate the probability that the issuer would collect substantially all of the consideration to which it believed it was entitled in conformity with FASB Topic ASC 606 Revenue from Contracts with Customers. (AS 2810.30) Financial statement audit only | AS 2810.30 | |
| 2 | Revenue and Related Receivables | The issuer recognized certain revenue from services. The firm did not evaluate the reasonableness of the allowance for doubtful accounts for the related receivables. (AS 2501.07) Financial statement audit only | AS 2501.7 | |
| 3 | Intangible Assets | During the year the issuer acquired certain intangible assets and used an external specialist to determine their fair value. The firm's approach for testing the fair value of these assets was to review and test management's process. The firm did not evaluate the reasonableness of the forecasts the issuer provided to the external specialist. (AS 1210.12) Financial statement audit only | AS 1210.12 | |
| 4 | Intangible Assets | During the year the issuer acquired certain intangible assets and used an external specialist to determine their fair value. The firm's approach for testing the fair value of these assets was to review and test management's process. The firm did not evaluate the reasonableness of assumptions the external specialist developed. (AS 2502.26 and .28) Financial statement audit only | AS 2502.26; AS 2502.28 | |
| 5 | Significant Accounts | The firm did not evaluate whether the issuer appropriately presented a significant account in conformity with GAAP. (AS 2810.30) Financial statement audit only | AS 2810.30 |