- Inspection year
- 2021
- Report date
- 15-Sep-2022
- PCAOB release
- 104-2022-201
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 13
- Part I.B deficiencies
- 4
- Report
- View PDF ↗
Deficiencies (13)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A8 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Income Statement Account | The firm did not identify and test any controls over the appropriateness of recognition for a portion of an income statement account. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 2 | Income Statement Account | The firm selected for testing certain controls over the occurrence of another portion of this income statement account. The firm did not perform any procedures beyond inquiry to test the design and operating effectiveness of these controls. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 3 | Certain Assets | The issuer held certain assets at multiple locations. The following deficiencies were identified: • The firm did not identify and test any controls over the valuation of certain assets. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 4 | Certain Assets | The issuer held certain assets at multiple locations. The following deficiencies were identified: • The firm selected for testing a control that consisted of management's review of the existence of a portion of these 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. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 5 | Certain Assets | The issuer held certain assets at multiple locations. The following deficiencies were identified: • The firm selected for testing a control that consisted of the review of the existence of another portion of these assets. The firm did not sufficiently test this control because it did not evaluate whether the control as designed addressed the entire portion of these assets. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 6 | Certain Assets | The issuer held certain assets at multiple locations. The following deficiencies were identified: • The firm selected for testing a control that consisted of the automated calculation of the recorded value for a portion of these assets and tested the control by reviewing a screenshot of the system configuration subsequent to year end. The firm did not test (1) whether the control had changed since year end and (2) the automated calculation beyond obtaining a screenshot of the system configuration. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 7 | Certain Assets | The issuer held certain assets at multiple locations. The following deficiencies were identified: • The firm selected for testing a control that consisted of the automated calculation of the recorded value for another portion of these assets but did not perform procedures to test this control. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 8 | Certain Assets | The issuer held certain assets at multiple locations. The following deficiencies were identified: • The firm did not perform any substantive procedures to test the recorded values for certain portions of these assets. (AS 2301.08) Both financial statement and ICFR audits | AS 2301.8 |
Issuer B5 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Significant Estimates | The firm selected for testing certain controls over the issuer's review of a significant estimate. 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 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 2 | Significant Estimates | The firm selected for testing certain controls over the issuer's review of a significant estimate. The firm did not identify and test any controls over the accuracy and completeness of the data and reports that were used in the operation of these controls. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 3 | Significant Estimates | The firm's approach for substantively testing this significant estimate was to test the issuer's process. The following deficiencies were identified: • The firm did not test the accuracy and completeness of certain data the issuer used to determine a component of this significant estimate. (AS 1105.10) Both financial statement and ICFR audits | AS 1105.10 | |
| 4 | Significant Estimates | The firm's approach for substantively testing this significant estimate was to test the issuer's process. The following deficiencies were identified: • The firm did not test the accuracy of certain data it used to test a component of this significant estimate. (AS 1105.10) Both financial statement and ICFR audits | AS 1105.10 | |
| 5 | Significant Estimates | The firm's approach for substantively testing this significant estimate was to test the issuer's process. The following deficiencies were identified: • The firm did not evaluate whether the issuer had a reasonable basis for certain significant assumptions the issuer used to determine a component of this significant estimate. (AS 2501.16) Both financial statement and ICFR audits | AS 2501.16 |