- Inspection year
- 2022
- Report date
- 16-Oct-2023
- PCAOB release
- 104-2023-186
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- 2
- Report
- View PDF ↗
Deficiencies (2)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The issuer reported certain investment securities at fair value and classified them as Level 1 and Level 2 securities in the fair value hierarchy in accordance with IFRS 13 Fair Value Measurement. The firm's approach for substantively testing the classification of these securities was to use an auditor-employed specialist to evaluate the appropriateness of the issuer's methodology for determining the fair value hierarchy levels and develop an independent expectation of the securities that were classified as Level 1. The firm did not sufficiently test the classification of these securities because it did not identify that the auditor-employed specialist did not compare its independent expectation to the securities that the issuer classified as Level 1 and evaluate the differences. (AS 1201.C6 and .C7; AS 2501.26; AS 2810.13) Financial statement audit only | AS 1201.C6; AS 1201.C7; AS 2501.26; AS 2810.13 | |
| 2 | Investment Securities | The issuer reported certain investment securities at fair value and classified them as Level 1 and Level 2 securities in the fair value hierarchy in accordance with IFRS 13 Fair Value Measurement. The firm's approach for substantively testing the classification of these securities was to use an auditor-employed specialist to evaluate the appropriateness of the issuer's methodology for determining the fair value hierarchy levels and develop an independent expectation of the securities that were classified as Level 1. The firm did not perform any procedures to evaluate whether any of the securities classified as Level 2 should have been classified as Level 3. (AS 2301.08) Financial statement audit only | AS 2301.8 |