- Inspection year
- 2022
- Report date
- 26-Jun-2023
- PCAOB release
- 104-2023-101
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- 10
- Report
- View PDF ↗
Deficiencies (5)
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 | Significant Accounts | The firm did not evaluate beyond inquiry the reasonableness of certain significant assumptions used in the issuer's valuation of a significant account. (AS 2501.16) Financial statement audit only | AS 2501.16 | Significant risk |
| 2 | Long-Lived Assets | To substantively test long-lived asset additions the firm selected additions for testing that exceeded a monetary threshold. The firm did not perform any procedures to test the remaining population of long-lived asset additions. (AS 1105.27; AS 2301.08) Financial statement audit only | AS 1105.27; AS 2301.8 |
Issuer B3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Exploration and Evaluation Assets | The firm did not evaluate whether an exploration and evaluation asset had been acquired and the title had been transferred to the issuer. (AS 2301.08) Financial statement audit only | AS 2301.8 | Significant risk |
| 2 | Exploration and Evaluation Assets | The firm did not evaluate beyond inquiry the issuer's conclusion that there were no indicators of potential impairment for this asset even though there was evidence in the financial statements that an indicator of potential impairment existed. (AS 2301.08 and .11; AS 2810.03) Financial statement audit only | AS 2301.8; AS 2301.11; AS 2810.3 | Significant risk |
| 3 | Exploration and Evaluation Assets | The issuer developed an assumption that it used to capitalize costs related to other exploration and evaluation assets. The firm did not evaluate whether the issuer had a reasonable basis for this significant assumption. (AS 2501.16) Financial statement audit only | AS 2501.16 | Significant risk |