- Inspection year
- 2022
- Report date
- 10-Aug-2023
- PCAOB release
- 104-2023-136
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 1
- Part I.B deficiencies
- 2
- 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 issuer's general reserve of the ALL included a qualitative reserve component that was determined by applying basis points to each of the identified qualitative factors and applying the average of those rates to each loan segment. The firm did not evaluate whether the issuer had a reasonable basis for the significant assumptions related to the basis points and for its selection of assumptions from a range of potential assumptions. (AS 2501.16) Financial statement audit only | AS 2501.16 |