- Inspection year
- 2023
- Report date
- 14-Sep-2023
- PCAOB release
- 104-2023-161
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- 2
- 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 A5 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Certain Assets | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer engaged a specialist to determine the fair value of certain assets using assumptions developed by the issuer and the specialist. The firm's approach for substantively testing the fair value of these assets was to test the issuer's process. The following deficiencies were identified: · The firm did not perform sufficient substantive procedures to evaluate the reasonableness of certain significant assumptions developed by the issuer because the firm did not evaluate whether the issuer had a reasonable basis for the assumptions. (AS 2501.16) Financial statement audit only | AS 2501.16 | Significant risk |
| 2 | Certain Assets | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer engaged a specialist to determine the fair value of certain assets using assumptions developed by the issuer and the specialist. The firm's approach for substantively testing the fair value of these assets was to test the issuer's process. The following deficiencies were identified: · The firm did not perform any substantive procedures to evaluate the reasonableness of another significant assumption developed by the issuer. (AS 2501.16) Financial statement audit only | AS 2501.16 | Significant risk |
| 3 | Certain Assets | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer engaged a specialist to determine the fair value of certain assets using assumptions developed by the issuer and the specialist. The firm's approach for substantively testing the fair value of these assets was to test the issuer's process. The following deficiencies were identified: · The firm did not perform any substantive procedures to evaluate the reasonableness of certain significant assumptions developed by the specialist. (AS 1105.A8b) Financial statement audit only | AS 1105.A8b | Significant risk |
| 4 | Certain Assets | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer engaged a specialist to determine the fair value of certain assets using assumptions developed by the issuer and the specialist. The firm's approach for substantively testing the fair value of these assets was to test the issuer's process. The following deficiencies were identified: · The firm did not perform any substantive procedures to test the accuracy and completeness of certain information the issuer used to develop a significant assumption. (AS 1105.10) Financial statement audit only | AS 1105.10 | Significant risk |
| 5 | Certain Assets | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer engaged a specialist to determine the fair value of certain assets using assumptions developed by the issuer and the specialist. The firm's approach for substantively testing the fair value of these assets was to test the issuer's process. The following deficiencies were identified: · The firm did not perform any substantive procedures to test the accuracy and completeness of information the specialist used to determine the fair value of certain assets. (AS 1105.A8a) Financial statement audit only | AS 1105.A8a | Significant risk |