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Fontanella Associates LLC CPA & Consulting Firm
United States · Triennially Inspected
- Inspection year
- 2020
- Report date
- 21-Apr-2022
- PCAOB release
- 104-2022-121a
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 1
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (1)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Allowance for Credit/Loan Losses | The issuer assigned a risk rating to each loan. The loan risk ratings were an important input in estimating the ALL. The firm's approach for substantively testing the ALL was to review and test management's process. The firm did not sufficiently evaluate the appropriateness of the loan risk ratings because its procedures were limited to testing the risk ratings for a selection of loans originated in the current year and comparing loan risk ratings used in the ALL calculation for certain loans to issuer-prepared reports. (AS 2501.09 .10 and .11) Financial statement audit only | AS 2501.9; AS 2501.10; AS 2501.11 |