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PricewaterhouseCoopers Consultores Auditores SpA
Chile · PricewaterhouseCoopers International Limited · Triennially Inspected
- Inspection year
- 2021
- Report date
- 20-Oct-2022
- PCAOB release
- 104-2022-249
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- Part I.A deficiencies
- 11
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (11)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A6 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Derivatives | The issuer held a portfolio of derivatives and investment securities (collectively 'investments') which were carried at fair value. - The firm selected for testing a control that consisted of a reconciliation of mark to market values of derivatives and investment securities and the investigation of variances over established thresholds. The firm did not test an aspect of the control related to certain investment securities. Further the firm did not evaluate the specific review procedures that the control owner performed to determine whether items identified for follow-up were appropriately resolved. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 2 | Derivatives | The issuer held a portfolio of derivatives and investment securities (collectively 'investments') which were carried at fair value. - The firm selected for testing a control that consisted of a reconciliation of mark to market values of derivatives and investment securities and the investigation of variances over established thresholds. The firm did not identify and test any controls over the accuracy and completeness of certain data used in the operation of this control. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 3 | Derivatives | The issuer held a portfolio of derivatives and investment securities (collectively 'investments') which were carried at fair value. - The firm selected for testing another control that consisted of management's review and approval of certain adjustments to derivative values for counterparty credit risk. The firm did not evaluate the specific review procedures that the control owner performed to evaluate the reasonableness of the adjustments. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 4 | Derivatives | The issuer held a portfolio of derivatives and investment securities (collectively 'investments') which were carried at fair value. - The firm selected for testing another control that consisted of management's review and approval of certain adjustments to derivative values for counterparty credit risk. The firm did not identify and test any controls over the accuracy of certain data used in the operation of this control. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 5 | Derivatives | The issuer held a portfolio of derivatives and investment securities (collectively 'investments') which were carried at fair value. - The firm selected for testing two automated controls over the calculation of interest from and valuation of certain investment securities. The firm's testing of these automated controls using a sample of only one instance of the controls' operation was not sufficient because the firm did not test the configuration or programming of these controls or perform other procedures that would have provided sufficient appropriate audit evidence that these controls were designed and operating effectively. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 6 | Allowance for Credit/Loan Losses | The firm did not perform procedures to test certain information presented in the ALL disclosure beyond comparing prior year information to the prior year financial statements and calculating the mathematical accuracy of certain information presented. (AS 2301.08) Both financial statement and ICFR audits | AS 2301.8 |
Issuer B5 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Inventory | The firm selected for testing controls that consisted of management's review of the (1) measurement and calculation of certain work in progress inventory quantities and (2) historical recovery rates of certain work in process inventory. The firm did not evaluate the review procedures that the control owner performed including the procedures to identify items for follow-up and the procedures to determine whether those items were appropriately resolved. (AS 2201.44) Both financial statement and ICFR audits | AS 2201.44 | |
| 2 | Inventory | The firm selected for testing controls that consisted of management's review of the (1) measurement and calculation of certain work in progress inventory quantities and (2) historical recovery rates of certain work in process inventory. The firm did not identify and test any controls over the accuracy and completeness of certain information used in the operation of these controls. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 3 | Inventory | The firm did not perform any substantive procedures to test the (1) existence and valuation of semi-finished goods inventory and (2) valuation of work in progress finished goods and supplies and spares inventory. (AS 2301.08) Both financial statement and ICFR audits | AS 2301.8 | |
| 4 | Inventory | The firm did not perform any substantive procedures to test or in the alternative identify and test controls over the accuracy of certain inputs obtained from the issuer that the firm used to test work in progress inventory quantities. (AS 1105.10) Both financial statement and ICFR audits | AS 1105.10 | |
| 5 | Inventory | The firm did not perform any substantive procedures to test a portion of costs of goods sold. (AS 2301.08) Both financial statement and ICFR audits | AS 2301.8 |