- Inspection year
- 2022
- Report date
- 16-Oct-2023
- PCAOB release
- 104-2023-189
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- 3
- 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 | Revenue | The firm selected revenue transactions for testing. The following deficiency was identified: · The firm did not perform any procedures to test or test any controls over the completeness of the listing from which revenue transactions were selected for testing. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Revenue | The firm selected revenue transactions for testing. The following deficiency was identified: · The firm did not perform procedures to evaluate whether (1) performance obligations were appropriately identified (2) the allocation of revenue between performance obligations was appropriate and (3) appropriate amounts were deferred. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 3 | Revenue | The firm did not sufficiently test the completeness of deferred revenue because the firm selected transactions for testing from items recorded as deferred revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 4 | Inventory | The firm did not evaluate whether the accounting for inventory was in conformity with GAAP including whether capitalizable costs were allocated to ending inventory in conformity with FASB ASC Subtopic 330-10-30 Inventory — Overall — Initial Measurement. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 5 | Inventory | The firm did not perform any procedures beyond inquiry of management to test the existence of certain inventory held in offsite locations. (AS 2301.08) Financial statement audit only | AS 2301.8 |