- Inspection year
- 2023
- Report date
- 16-Oct-2023
- PCAOB release
- 104-2023-183
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 7
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (7)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A7 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Certain Assets and Liabilities | The issuer engaged a specialist to determine the fair value of certain assets and liabilities using assumptions developed by the issuer and specialist. The firm's approach for substantively testing the fair value of these assets and liabilities was to test the issuer's process. The following deficiency was identified: · The firm did not perform any substantive procedures to evaluate the reliability of certain information the company's specialist used to develop certain significant assumptions. (AS 1105.A8a) Financial statement audit only | AS 1105.A8a | Significant risk |
| 2 | Certain Assets and Liabilities | The issuer engaged a specialist to determine the fair value of certain assets and liabilities using assumptions developed by the issuer and specialist. The firm's approach for substantively testing the fair value of these assets and liabilities was to test the issuer's process. The following deficiency was identified: · The firm did not perform any substantive procedures to evaluate the reasonableness of certain significant assumptions developed and used by the company's specialist. (AS 1105.A8b) Financial statement audit only | AS 1105.A8b | Significant risk |
| 3 | Certain Assets and Liabilities | The issuer engaged a specialist to determine the fair value of certain assets and liabilities using assumptions developed by the issuer and specialist. The firm's approach for substantively testing the fair value of these assets and liabilities was to test the issuer's process. The following deficiency was identified: · The firm did not perform any substantive procedures to evaluate the reasonableness of certain significant assumptions developed by the issuer. (AS 2501.16) Financial statement audit only | AS 2501.16 | Significant risk |
| 4 | Certain Assets and Liabilities | The issuer engaged a specialist to determine the fair value of certain assets and liabilities using assumptions developed by the issuer and specialist. The firm's approach for substantively testing the fair value of these assets and liabilities was to test the issuer's process. The following deficiency was identified: · The firm did not perform any substantive procedures to test the accuracy and completeness of certain issuer-produced information the company's specialist used to develop a significant assumption. (AS 1105.A8a) Financial statement audit only | AS 1105.A8a | Significant risk |
| 5 | Certain Assets and Liabilities | The firm did not perform substantive procedures beyond inquiry to test the fair value of certain other assets and liabilities. (AS 2501.07) Financial statement audit only | AS 2501.7 | Significant risk |
| 6 | Certain Assets and Liabilities | The firm did not identify and evaluate departures from GAAP related to the issuer's omission of required disclosures related to certain assets and liabilities. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | Significant risk |
| 7 | Revenue | The firm did not perform any procedures to test or test controls over the accuracy and completeness of certain system-generated data that it used to test certain revenue. (AS 1105.10) Financial statement audit only | AS 1105.10 |