- Inspection year
- 2021
- Report date
- 06-Oct-2022
- PCAOB release
- 104-2022-231
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- 4
- Report
- View PDF ↗
Deficiencies (5)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A5 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Certain Assets and Liabilities | The firm's approach for substantively testing the fair value of a certain asset was to test the issuer's process and the firm used an auditor-employed specialist to evaluate the appropriateness of the method used by the issuer to develop the fair value. The firm did not evaluate the work performed by the auditor-employed specialist or otherwise perform any procedures to evaluate the appropriateness of the method. (AS 1201.C6 and .C7; AS 2501.10) Financial statement audit only | AS 1201.C6; AS 1201.C7; AS 2501.10 | |
| 2 | Certain Assets and Liabilities | The firm's approach for substantively testing the fair value of a certain asset was to test the issuer's process and the firm used an auditor-employed specialist to evaluate the appropriateness of the method used by the issuer to develop the fair value. The firm did not evaluate the reasonableness of a significant assumption developed by the issuer and used to develop the fair value of this asset. (AS 2501.16) Financial statement audit only | AS 2501.16 | |
| 3 | Certain Assets and Liabilities | The firm did not perform procedures to test the completeness of certain liabilities. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 4 | Certain Assets and Liabilities | The firm did not perform procedures to test the fair value of certain liabilities and certain other assets. (AS 2501.07) Financial statement audit only | AS 2501.7 | |
| 5 | Journal Entries | The firm did not perform any procedures to identify and select journal entries and other adjustments for testing. (AS 2401.58) Financial statement audit only | AS 2401.58 |