KPMG

Australia · KPMG International Cooperative · Triennially Inspected

Deficiencies (3)

Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.

#	Area	Deficiency	Standard
1	Long-Lived Assets	The firm selected for testing a control that consisted of management's review of asset summary models including the underlying inputs and assumptions used to value certain long-lived assets. 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. Further the firm did not test any controls over the accuracy and/or completeness of certain information used in the operation of this control. (AS 2201.42 and .44) Both financial statement and ICFR audits	AS 2201.42; AS 2201.44
2	Cash and Cash Equivalents	The firm selected for testing a control that consisted of management's review of financial information and related note disclosures. The firm did not identify that this control was not designed to address whether the issuer's short-term deposits were appropriately classified as cash equivalents. (AS 2201.42) Both financial statement and ICFR audits	AS 2201.42
3	Cash and Cash Equivalents	The firm did not perform procedures beyond inquiry of management to evaluate whether certain of the issuer's short-term deposits were appropriately classified as cash equivalents. (AS 2301.08) Both financial statement and ICFR audits	AS 2301.8