- Inspection year
- 2022
- Report date
- 27-Mar-2023
- PCAOB release
- 104-2023-047
- 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
- 7
- 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 | Significant Accounts and Disclosures | The firm did not plan and perform an audit that provided a reasonable basis for its audit opinion on the issuer's financial statements because its procedures were limited to obtaining certain bank statements agreements and issuer-prepared documents. (AS 1101.03; AS 1105.04; AS 2101.08 and .10; AS 2105.03; AS 2110.04; AS 2301.08; AS 2410.03; AS 2415.03; AS 2805.05; AS 2810.30 and .31) Unrelated to our review the issuer reevaluated its accounting for certain significant accounts and concluded that material misstatements existed that had not been previously identified. The issuer subsequently corrected these misstatements in a restatement of its financial statements and the firm revised and reissued its report on the financial statements. Financial statement audit only | AS 1101.3; AS 1105.4; AS 2101.8; AS 2101.10; AS 2105.3; AS 2110.4; AS 2301.8; AS 2410.3; AS 2415.3; AS 2805.5; AS 2810.30; AS 2810.31 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Significant Accounts and Disclosures | The firm did not plan and perform an audit that provided a reasonable basis for its audit opinion on the issuer's financial statements because its procedures were limited to obtaining certain bank statements an excerpt of an agreement and issuer-prepared documents. (AS 1101.03; AS 1105.04; AS 2101.08 and .10; AS 2105.03; AS 2110.04; AS 2301.08; AS 2410.03; AS 2415.03; AS 2805.05; AS 2810.30 and .31) Financial statement audit only | AS 1101.3; AS 1105.4; AS 2101.8; AS 2101.10; AS 2105.3; AS 2110.4; AS 2301.8; AS 2410.3; AS 2415.3; AS 2805.5; AS 2810.30; AS 2810.31 |