- Inspection year
- 2020
- Report date
- 09-Jun-2022
- PCAOB release
- 104-2022-145
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 4
- Report
- View PDF ↗
Deficiencies (3)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm used information obtained from external parties to test revenue. The firm did not perform any procedures to evaluate the relevance and reliability of this information. (AS 1105.04 and .06) Financial statement audit only | AS 1105.4; AS 1105.6 | |
| 2 | Revenue | The firm did not identify and evaluate the significance to the financial statements of the issuer's omission of disclosures required by FASB ASC Topic 606 Revenue from Contracts with Customers regarding transition and performance obligation information. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 3 | Equity-Related Transactions | The issuer recorded the issuance of preferred stock for settlement of debt even though the shares of preferred stock were not issued as of year end. The firm did not evaluate whether the issuer's accounting for the transaction was in conformity with FASB ASC Subtopic 405-20 Liabilities – Extinguishments of Liabilities. (AS 2810.30) Financial statement audit only | AS 2810.30 |