- Inspection year
- 2021
- Report date
- 31-Aug-2022
- PCAOB release
- 104-2022-188a
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 3
- 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 | Cash | The firm did not perform any procedures beyond inquiry to test the existence of certain cash. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 2 | Related Party Transactions | To test an amount due to a related party the firm sent a positive confirmation request with an amount that did not agree with the amount on the balance sheet. The firm received a response from the related party without any exceptions. The firm subsequently sent another request with the amount recorded on the balance sheet and received a response without any exceptions. The firm did not sufficiently evaluate the evidence provided by the two confirmations because it did not consider the reliability of the confirmations the nature of the exceptions between the two confirmations and whether additional evidence was needed. (AS 2310.33; AS 2810.03) Financial statement audit only | AS 2310.33; AS 2810.3 |
Issuer B2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm did not perform any substantive procedures to test or in the alternative test controls over the completeness of information that the firm used in its substantive testing. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Revenue | The issuer recorded an adjustment to ensure that revenue was appropriately recognized at year end. The firm did not perform any procedures to test the adjustment to revenue. (AS 2301.08) Financial statement audit only | AS 2301.8 |