- Inspection year
- 2022
- Report date
- 14-Sep-2023
- PCAOB release
- 104-2023-159
- Audits reviewed
- 4
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 6
- 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 A3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The issuer presented as a component of revenue in its statement of operations a material transaction that was of an unusual nature and infrequent occurrence. FASB ASC Topic 220 Income Statement requires such events or transactions to be reported as a separate component of income from continuing operations. The firm did not perform any procedures to evaluate the appropriateness of the issuer's presentation of such transactions as a component of revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 2 | Accounts Receivable | The firm did not perform sufficient procedures to test certain accounts receivable outstanding longer than a year as it limited its procedures to tracing the balances to its prior year audit work papers. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 3 | Accounts Receivable | The firm did not perform sufficient procedures to test certain accounts receivable outstanding less than one year as it limited its procedures to tracing transactions to statements produced by the party owing the funds which were provided by the issuer. (AS 2301.08) Financial statement audit only | AS 2301.8 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Equity-Related Transactions | The firm did not perform any procedures to test the valuation of certain share-based payment transactions. (AS 2501.07) Financial statement audit only | AS 2501.7 |