- Inspection year
- 2020
- Report date
- 08-Apr-2022
- PCAOB release
- 104-2022-106
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 6
- Part I.B deficiencies
- 6
- Report
- View PDF ↗
Deficiencies (6)
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 | Significant Accounts | The issuer determined the fair value of a significant account using certain assumptions and data. The firm did not sufficiently evaluate the reasonableness of these assumptions because it did not evaluate information that was inconsistent with the assumptions. (AS 2502.26 .28 .31 and .36) Financial statement audit only | AS 2502.26; AS 2502.28; AS 2502.31; AS 2502.36 | |
| 2 | Significant Accounts | The issuer determined the fair value of a significant account using certain assumptions and data. The firm did not perform any substantive procedures to test or in the alternative test any controls over the accuracy of this data. (AS 2502.39) Financial statement audit only | AS 2502.39 | |
| 3 | Income Statement Account | The firm did not perform procedures beyond inquiry of the issuer and reviewing certain agreements to test an income statement account. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 4 | Journal Entries | The firm did not perform any procedures to identify and select journal entries and other adjustments for testing. (AS 2401.58) Financial statement audit only | AS 2401.58 |
Issuer B2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Certain Liabilities | The firm did not perform sufficient procedures to test certain liabilities because it did not test (1) whether the liabilities remained obligations at year end and if so (2) the amount of such liabilities. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 2 | Journal Entries | The firm did not perform any procedures to identify and select journal entries and other adjustments for testing. (AS 2401.58) Financial statement audit only | AS 2401.58 |