- Inspection year
- 2021
- Report date
- 01-Dec-2022
- PCAOB release
- 104-2023-026a
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 7
- Part I.B deficiencies
- 6
- Report
- View PDF ↗
Deficiencies (7)
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 | Significant Accounts | The firm selected a sample of transactions to test a significant account during certain months of the year. The following deficiencies were identified: - The firm did not test or in the alternative test any controls over the accuracy and completeness of certain issuer data and reports it used to test these transactions. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Significant Accounts | The firm selected a sample of transactions to test a significant account during certain months of the year. The following deficiencies were identified: - The sample size the firm used in this procedure was too small to provide sufficient appropriate audit evidence because the firm did not take into account the relevant factors in determining its sample size including tolerable misstatement for the population the allowable risk of incorrect acceptance and the characteristics of the population. (AS 2315.16 .19 .23 and .23A) Financial statement audit only | AS 2315.16; AS 2315.19; AS 2315.23; AS 2315.23A | |
| 3 | Significant Accounts | The firm selected a sample of transactions to test a significant account during certain months of the year. The firm did not perform any substantive procedures to test whether the issuer appropriately recognized the transactions related to this significant account for the remaining months during the year. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 4 | Related Party Receivable | The issuer concluded that a receivable from a related party was fully collectible at year end. The firm did not evaluate the financial capability of a related party with respect to the significant uncollected balance. (AS 2410.12) Financial statement audit only | AS 2410.12 | |
| 5 | Related Party Receivable | The issuer concluded that a receivable from a related party was fully collectible at year end. The firm did not perform substantive procedures to evaluate the appropriateness of the classification and presentation of this receivable. (AS 2810.30) Financial statement audit only | AS 2810.30 | |
| 6 | 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 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Journal Entries | The firm identified journal entries and other adjustments for testing. The firm did not perform any procedures to test these journal entries and other adjustments. (AS 2401.61) Financial statement audit only | AS 2401.61 |