- Inspection year
- 2021
- Report date
- 20-Oct-2022
- PCAOB release
- 104-2022-245
- Audits reviewed
- 5
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 20%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- 2
- Report
- View PDF ↗
Deficiencies (2)
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 | Long-Lived Assets | The firm's substantive procedures to test depreciation expense for certain long-lived assets consisted of performing analytical procedures. The firm did not assess the reliability of certain data used by the firm to develop the expectations used in these procedures and did not establish an appropriate amount for investigation of certain differences because the amount exceeded materiality. (AS 2305.16 and .20) Financial statement audit only | AS 2305.16; AS 2305.20; AS 2501.7; AS 2501.16 | |
| 2 | Business Combinations | The firm did not perform sufficient procedures to test the equity shares issued in consideration for an acquired business because the firm did not perform procedures to evaluate the terms of the agreement for the shares. (AS 2301.08) Financial statement audit only | AS 2301.8 |