- Inspection year
- 2021
- Report date
- 20-Oct-2022
- PCAOB release
- 104-2022-252a
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- 3
- 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 A1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Estimates | The firm's approach for substantively testing certain estimates was to test the issuer's process. The firm did not perform procedures to evaluate the reasonableness of certain significant assumptions the issuer used to develop the estimates including taking into account the issuer's past history of carrying out its stated intentions regarding the assumptions beyond inquiry and performing ratio analyses. (AS 2501.16 and .17) Financial statement audit only | AS 2501.16; AS 2501.17 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Allowance for Doubtful Accounts | The firm's approach for substantively testing the allowance for doubtful accounts was to develop an independent expectation of the estimate. The firm did not perform any procedures to demonstrate it had a reasonable basis for certain assumptions it developed and used in determining its independent expectation. (AS 2501.22) Financial statement audit only | AS 2501.22 |