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Grant Thornton Bharat
India · Grant Thornton International Limited · Triennially Inspected
- Inspection year
- 2022
- Report date
- 13-Jul-2023
- PCAOB release
- 104-2023-118a
- 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
- 6
- 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 | Revenue | The firm selected for testing a control that consisted of a review of customer contracts for proper revenue recognition including the identification and evaluation of terms and conditions in such contracts that affect the recognition of certain revenue. The firm did not evaluate the review procedures that the control owner performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 and 44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | Significant risk |
| 2 | Revenue | The sample sizes the firm used in certain of its substantive procedures to test revenue were 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 deficiency in the firm's control testing discussed above. (AS 2301.16 .18 and .37; AS 2315.19 .23 and .23A) Both financial statement and ICFR audits | AS 2301.16; AS 2301.18; AS 2301.37; AS 2315.19; AS 2315.23; AS 2315.23A | Significant risk |
| 3 | Revenue | The firm did not perform sufficient substantive procedures to evaluate whether certain revenue was recognized in conformity with IFRS 15 Revenue from Contracts with Customers as it did not evaluate whether: · certain provisions in customer contracts represented distinct performance obligations and if so whether such performance obligations should be recognized at a point in time or over the relevant service period in accordance with IFRS 15; and · the issuer's allocation of transaction price to a series of performance obligations was in conformity with IFRS 15. (AS 2301.08 and .11) Both financial statement and ICFR audits | AS 2301.8; AS 2301.11 | Significant risk |