- Inspection year
- 2020
- Report date
- 21-Apr-2022
- PCAOB release
- 104-2022-118
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (2)
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 | Investments | The issuer reported in its financial statements that it had fully benefit-responsive investment contracts that were recorded at contract value. The firm did not evaluate whether these investment contracts met the criteria to be recorded at contract value in conformity with FASB ASC Topic 962 Plan Accounting —Defined Contribution Pension Plans. (AS 2810.30) Financial statement audit only | AS 2810.30 | |
| 2 | Benefits Paid to Participants | The sample size the firm used in certain of its substantive procedures to test benefits paid to participants was too small to provide sufficient appropriate audit evidence because the firm did not take into account appropriate factors in determining its sample size including its established tolerable misstatement for the population the allowable risk of incorrect acceptance and the characteristics of the population. (AS 2315.16 .23 and .23A) Financial statement audit only | AS 2315.16; AS 2315.23; AS 2315.23A |