- Inspection year
- 2020
- Report date
- 28-Feb-2022
- PCAOB release
- 104-2022-082a
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 2
- 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 A2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm did not perform any substantive procedures to test or in the alternative identify and test controls over the accuracy and completeness of certain information obtained from the issuer and used in the firm's testing of certain aspects of revenue recognition. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Revenue | In determining its sample size used to test revenue the firm did not take into account tolerable misstatement for the population. As a result the sample size the firm used was too small to provide sufficient appropriate audit evidence. (AS 2315.16 .23 and .23A) Financial statement audit only | AS 2315.16; AS 2315.23; AS 2315.23A |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Allowance for Credit/Loan Losses | The firm selected for testing one review control over the qualitative component of the ALL. The firm did not perform sufficient procedures to test the operating effectiveness of this control because the firm did not evaluate the review procedures that the control owner performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.44) ICFR audit only | AS 2201.44 |