- Inspection year
- 2023
- Report date
- 28-Sep-2023
- PCAOB release
- 104-2023-177
- 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
- 5
- 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 | To test certain revenue the firm selected revenue transactions that met specific criteria to evaluate whether the revenue was appropriately recognized. The firm did not perform any substantive procedures to test the remaining population of revenue transactions from this revenue source. (AS 1105.27; AS 2301.08 and .13) Financial statement audit only | AS 1105.27; AS 2301.8; AS 2301.13 | |
| 2 | Inventory | The firm observed physical inventory counts on various dates subsequent to year end. The firm did not perform procedures to test intervening transactions between the issuer's year end and the dates of its inventory observations beyond testing the purchase activity for one location. (AS 2510.12) Financial statement audit only | AS 2510.12 | Significant risk |
| 3 | Journal Entries | For certain subsidiaries the firm did not perform any procedures to identify and select journal entries and other adjustments for testing without having an appropriate basis for excluding those subsidiaries. (AS 2401.61) Financial statement audit only | AS 2401.61 |