- Inspection year
- 2021
- Report date
- 07-Nov-2022
- PCAOB release
- 104-2023-014
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- 4
- 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 | Participant and Employer Contributions | The firm's approach to testing participant and employer contributions included the use of data from a service organization which processed employee and payroll data (collectively 'data') and reliance on controls at the service organization. The service auditor's report for the service organization contained a qualified opinion because controls were not operating effectively to achieve a control objective related to data quality management. The firm did not evaluate whether the service auditor's report provided sufficient appropriate audit evidence to support the firm's reliance on service organization's controls because of the qualified opinion. (AS 2601.16) Financial statement audit only | AS 2601.16 | |
| 2 | Participant and Employer Contributions | The firm's approach to testing participant and employer contributions included the use of data from a service organization which processed employee and payroll data (collectively 'data') and reliance on controls at the service organization. The service auditor's report for the service organization contained a qualified opinion because controls were not operating effectively to achieve a control objective related to data quality management. The firm did not test relevant complementary user entity controls identified in the service auditor's report associated with certain control objectives related to ensuring accurate and complete data. (AS 2601.14) Financial statement audit only | AS 2601.14 |