- Inspection year
- 2022
- Report date
- 26-Jun-2023
- PCAOB release
- 104-2023-115
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 7
- Report
- View PDF ↗
Deficiencies (4)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A4 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm did not identify and evaluate a departure from GAAP related to the recognition of revenue for a tax credit which was not in conformity with FASB ASC Topic 606 Revenue from Contracts with Customers. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 2 | Revenue | The firm did not perform sufficient substantive procedures to evaluate whether the issuer recognized revenue in conformity with FASB ASC Topic 606 because the firm did not evaluate all terms and conditions included in the issuer's contracts that could affect the recognition of revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.13; AS 2301.30 | |
| 3 | Revenue | The firm did not perform any procedures to evaluate the relevance and reliability of information obtained from external sources that it used to test revenue. (AS 1105.04 and .06) Financial statement audit only | AS 1105.4; AS 1105.6 | |
| 4 | Journal Entries | The firm did not identify and select journal entries and other adjustments for testing to address the potential for material misstatement due to fraud. (AS 2401.58) Financial statement audit only | AS 2401.58 |