- Inspection year
- 2021
- Report date
- 31-Aug-2022
- PCAOB release
- 104-2022-190a
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 9
- Part I.B deficiencies
- 1
- 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 | For certain revenue the firm did not perform any procedures to evaluate (1) the issuer's identification of its performance obligations and (2) whether such obligations were satisfied before revenue was recognized. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 2 | Revenue | For certain other revenue the firm did not perform any procedures to evaluate the relevance and reliability of information used in its substantive procedures to test revenue. (AS 1105.04 and .06) Financial statement audit only | AS 1105.4; AS 1105.6 | |
| 3 | Revenue | The firm did not identify and appropriately address a departure from GAAP related to the issuer's disclosures about its revenue recognition policy. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 4 | Business Combinations | During the year the issuer acquired a business. The firm did not perform any procedures to test the fair value of the purchase consideration. (AS 2502.15) Financial statement audit only | AS 2502.15 | |
| 5 | Business Combinations | During the year the issuer acquired a business. The firm did not perform any procedures to test the fair value of certain acquired assets. (AS 2502.15) Financial statement audit only | AS 2502.15 | |
| 6 | Business Combinations | With respect to certain other acquired assets the firm did not obtain an understanding of and evaluate whether the valuation method the issuer used to develop its fair value estimate was appropriate in the circumstances. (AS 2502.09 and .18) Financial statement audit only | AS 2502.9; AS 2502.18 | |
| 7 | Business Combinations | The firm's approach for testing the fair value of these assets was to develop an independent fair value estimate using certain of the issuer's assumptions. The following deficiencies were identified: · The firm did not evaluate the reasonableness of the issuer's assumptions that the firm used in developing an independent fair value estimate. (AS 2502.40) Financial statement audit only | AS 2502.40 | |
| 8 | Business Combinations | The firm's approach for testing the fair value of these assets was to develop an independent fair value estimate using certain of the issuer's assumptions. The following deficiencies were identified: · The firm did not evaluate the reasonableness of the issuer's assumptions that the firm used in developing an independent fair value estimate. (AS 2502.40) Financial statement audit only | AS 2502.47; AS 2810.13 | |
| 9 | Business Combinations | The firm did not perform any procedures to evaluate whether the issuer's adjustment to the fair value estimate for these assets was in conformity with FASB ASC Topic 805 Business Combinations. (AS 2810.30) Financial statement audit only | AS 2810.30 |