- Inspection year
- 2020
- Report date
- 10-Mar-2022
- PCAOB release
- 104-2022-093
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 4
- 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 A3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Derivatives | The firm did not evaluate the reasonableness of significant assumptions used to determine the fair value of derivative liabilities. (AS 2502.26 and .28) Financial statement audit only | AS 2502.26; AS 2502.28 | |
| 2 | Derivatives | The firm did not perform any substantive procedures to test or in the alternative identify and test controls over the accuracy and completeness of data used in this determination. (AS 2502.39) Financial statement audit only | AS 2502.39 | |
| 3 | Asset Acquisition | During the year the issuer entered into an agreement to acquire all of the assets and liabilities of another entity. The firm did not evaluate the accounting treatment for the initial recognition of the transaction as either a business combination or asset acquisition in conformity with IFRS 3 Business Combinations. (AS 2810.30) Financial statement audit only | AS 2810.30 |