- Inspection year
- 2022
- Report date
- 07-Jun-2023
- PCAOB release
- 104-2023-096
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 1
- Part I.B deficiencies
- 4
- Report
- View PDF ↗
Deficiencies (1)
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 | Allowance for Credit/Loan Losses | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer calculated the qualitative component of the allowance for loan losses (ALL) by applying basis points to each qualitative factor. The firm did not perform sufficient procedures to test the qualitative component of the ALL because the firm did not evaluate whether the issuer had a reasonable basis for the significant assumptions related to the basis points used. (AS 2501.16) Financial statement audit only | AS 2501.16 |