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S. R. Batliboi & Co. LLP
India · Ernst & Young Global Limited · Triennially Inspected
- Inspection year
- 2020
- Report date
- 21-Apr-2022
- PCAOB release
- 104-2022-129
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- 2
- 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 A1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Inventory | The firm selected for testing various controls that consisted of management's review of (1) inventory costs including capitalized overhead (2) inventory valuation and (3) related account reconciliations. The firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and .44) ICFR audit only | AS 2201.42; AS 2201.44 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The issuer recognized revenue through multiple segments from foreign and domestic sales. The firm did not identify and test any controls over the recognition of revenue by one of the issuer's segments during the year from domestic sales to ensure that revenue was recognized only after performance obligations were satisfied and customers obtained control of the goods. (AS 2201.39) ICFR audit only | AS 2201.39 |