- Inspection year
- 2022
- Report date
- 20-Apr-2023
- PCAOB release
- 104-2023-061
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 4
- Report
- View PDF ↗
Deficiencies (3)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Participant Distributions | The firm's approach to testing participant distributions included reliance on controls and the use of data and reports from a service organization which processed and recorded participant distributions. The firm did not test the design and operating effectiveness of complementary user controls it selected for testing related to administration of access to electronic records and review of participant data and reports. In addition the firm did not evaluate whether certain other complementary user controls identified in the service auditor's report were relevant in addressing the risks of material misstatement related to participant distributions. (AS 2601.14) Financial statement audit only | AS 2601.14 | |
| 2 | Participant Distributions | The sample size the firm used in its substantive procedures to test participant distributions was too small to provide sufficient appropriate audit evidence because these procedures were designed based on a level of control reliance that was not supported due to the deficiencies in the firm's testing discussed above. (AS 2301.16 .18 and .37; AS 2315.19 .23 and .23A) Financial statement audit only | AS 2301.16; AS 2301.18; AS 2301.37; AS 2315.19; AS 2315.23; AS 2315.23A | |
| 3 | Participant Distributions | The firm used certain electronic participant data provided by the plan sponsor's service organization in testing participant distributions. The firm did not perform any procedures that addressed the accuracy and completeness of this data. (AS 2301.08) Financial statement audit only | AS 2301.37 |