- Inspection year
- 2020
- Report date
- 13-May-2022
- PCAOB release
- 104-2022-136a
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 9
- Part I.B deficiencies
- 3
- Report
- View PDF ↗
Deficiencies (9)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A9 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue and Accounts Receivable | The firm selected for testing certain controls to reduce the nature timing and extent of its substantive procedures over revenue and accounts receivable. The following deficiencies were identified: · The firm did not identify and test any controls over the accuracy and completeness of certain information used in determining certain revenue ('type one' revenue). (AS 2301.16) Financial statement audit only | AS 2301.16 | |
| 2 | Revenue and Accounts Receivable | The firm selected for testing certain controls to reduce the nature timing and extent of its substantive procedures over revenue and accounts receivable. The following deficiencies were identified: · The firm selected for testing a control over the review of type one revenue. 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 2301.19 and .21) Financial statement audit only | AS 2301.19; AS 2301.21 | |
| 3 | Revenue and Accounts Receivable | The firm selected for testing certain controls to reduce the nature timing and extent of its substantive procedures over revenue and accounts receivable. The following deficiencies were identified: · The firm did not identify and test any controls over the accuracy and completeness of information produced by the issuer used in the performance of certain controls. (AS 2301.16) Financial statement audit only | AS 2301.16 | |
| 4 | Revenue and Accounts Receivable | The firm selected for testing certain controls to reduce the nature timing and extent of its substantive procedures over revenue and accounts receivable. The following deficiencies were identified: · The firm identified a control deficiency in its testing of a control over certain other revenue ('type two' revenue) but did not evaluate the severity of the deficiency and its effect on the firm's control risk assessment. (AS 2301.34) Financial statement audit only | AS 2301.34 | |
| 5 | Revenue and Accounts Receivable | The firm selected for testing certain controls to reduce the nature timing and extent of its substantive procedures over revenue and accounts receivable. The following deficiencies were identified: · The firm selected for testing certain other controls. The firm did not perform any procedures to test those controls during the current year but rather relied on the results of its testing in the prior year. (AS 2301.19 and .21) Financial statement audit only | AS 2301.19; AS 2301.21 | |
| 6 | Revenue and Accounts Receivable | The firm identified fraud risks related to type one revenue. To test this revenue the firm selected large value contracts that were open at year end for testing. The firm did not perform any procedures to test the remaining population of type one revenue. (AS 1105.27; AS 2301.13) Financial statement audit only | AS 1105.27; AS 2301.13 | |
| 7 | Revenue and Accounts Receivable | The firm identified fraud risks related to type one revenue. To test this revenue the firm selected large value contracts that were open at year end for testing. For the contracts selected for testing the firm did not perform sufficient procedures to test revenue because it limited its procedures to reviewing the contract. (AS 2301.13) Financial statement audit only | AS 2301.13 | |
| 8 | Revenue and Accounts Receivable | The firm did not perform any substantive procedures to test type two revenue. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 9 | Revenue and Accounts Receivable | To test accounts receivable the firm selected a sample of accounts receivable aged more than a certain number of days. The firm did not perform any procedures to test the remaining population of receivables. (AS 2315.24) Financial statement audit only | AS 2315.24 |