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KPMG Assurance and Consulting Services LLP
India · KPMG International Cooperative · Triennially Inspected
- Inspection year
- 2020
- Report date
- 21-Apr-2022
- PCAOB release
- 104-2022-122
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (4)
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 | Accounts Receivable | The firm did not sufficiently test certain receivables because the firm did not perform procedures to test the collectability of such receivables beyond inquiries of management and reviewing an aging schedule. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 2 | Accounts Receivable | The firm did not evaluate the appropriateness of the issuer's classification of these receivables as current assets in conformity with FASB ASC Topic 210 Balance Sheet. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 |
Issuer B2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Accounts Receivable | The firm sent positive confirmation requests to the issuer's customers for a sample of accounts receivable. For certain items in its sample the responses were returned by email. The firm did not consider performing procedures to verify the source of these responses. (AS 2310.29) Financial statement audit only | AS 2310.29 | |
| 2 | Accounts Receivable | The firm sent positive confirmation requests to the issuer's customers for a sample of accounts receivable. For positive confirmations that were not returned the firm did not perform alternative procedures that provided sufficient appropriate audit evidence that the recorded amounts of the receivables were accurate as of the confirmation date. (AS 2310.31) Financial statement audit only | AS 2310.31 |