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Deloitte Touche Tohmatsu
Australia · Deloitte Touche Tohmatsu Limited · Triennially Inspected
- Inspection year
- 2020
- Report date
- 10-Mar-2022
- PCAOB release
- 104-2022-085
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 9
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (9)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A8 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The component recognized revenue from a variety of sources. The following deficiencies were identified: · The firm selected for testing controls that consisted of management's review of certain financial results including the amount of revenue recognized during the period as compared to forecasted and/or budgeted amounts and investigation of variances. The firm did not evaluate the specific review procedures that the control owners performed to investigate identified variances. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 2 | Revenue | The component recognized revenue from a variety of sources. The following deficiencies were identified: · The firm selected for testing controls that consisted of management's review of certain financial results including the amount of revenue recognized during the period as compared to forecasted and/or budgeted amounts and investigation of variances. The firm the firm did not identify and test any controls over the accuracy of data used in the operation of these controls. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 3 | Revenue | The component recognized revenue from a variety of sources. The following deficiencies were identified: · The firm selected for testing another control that consisted of a comparison of data used in the determination of certain revenue from the component's source system to an external source. The firm did not identify and test any controls over the completeness of data used in the operation of this control. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 4 | Revenue | The component recognized revenue from a variety of sources. The following deficiencies were identified: · The firm selected for testing another control that consisted of management's monthly review of the status of projects to evaluate the appropriateness of the revenue recognized. 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 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 5 | Revenue | The component recognized revenue from a variety of sources. The following deficiencies were identified: · The firm selected for testing another control that consisted of management's monthly review of the status of projects to evaluate the appropriateness of the revenue recognized. The firm did not identify and test any controls over the accuracy and completeness of the report used in the operation of this control. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 6 | Revenue | The component recognized revenue from a variety of sources. The following deficiencies were identified: · The firm did not sufficiently evaluate whether certain revenue was appropriately recognized because the firm did not perform procedures to test various factors and assumptions used by the issuer beyond inquiring of management inspecting internally-generated customer invoices (for certain revenue) and recalculating the revenue recognized. (AS 2301.08 and .13; AS 2501.09 .10 and .11) Both financial statement and ICFR audits | AS 2301.8; AS 2301.13; AS 2501.9; AS 2501.10; AS 2501.11 | |
| 7 | Accounts Receivable | The firm selected for testing controls that consisted of management's review of (1) aged accounts receivable and/or (2) a reconciliation of accounts receivable to monthly billings. The firm did not identify and test any controls over the accuracy of the aging report and certain data used in the operation of these controls. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 8 | Accrued Revenue and Deferred Revenue | The firm selected for testing controls that consisted of management's review of aged accrued and deferred revenues. The firm did not identify and test any controls over the accuracy of the aging reports used in the operation of these controls. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm selected for testing controls that consisted of management's (1) review and approval of proposals and (2) monthly review of reports used to recognize revenue. The firm did not evaluate the specific review procedures that the control owners performed to evaluate the appropriateness of certain assumptions in the proposals and monthly reports used to recognize revenue. (AS 2201.42 and .44) ICFR audit only | AS 2201.42; AS 2201.44 |