- Inspection year
- 2023
- Report date
- 16-Oct-2023
- PCAOB release
- 104-2023-194
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- 6
- 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 did not evaluate the terms and conditions of agreements related to certain revenue to determine if the revenue was recognized in conformity with FASB ASC Topic 606 Revenue from Contracts with Customers. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 2 | Revenue | The firm did not perform any procedures to evaluate whether the issuer's revenue was recognized in conformity with FASB ASC Topic 606. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 3 | Revenue | The firm did not perform any procedures to evaluate the reliability of external information it used to test revenue. (AS 1105.04 and .06) Financial statement audit only | AS 1105.4; AS 1105.6 | |
| 4 | Revenue | The firm did not identify and evaluate a departure from GAAP related to the issuer's omission of a disclosure required by FASB ASC Topic 606. (AS 2810.30 and .31 Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 5 | Deferred Income Taxes | The firm did not perform procedures beyond inquiry and reading the issuer's analysis to evaluate the reasonableness of the significant assumptions the issuer used to determine the valuation of deferred income taxes including evaluating a significant difference between one of the significant assumptions and a similar projection in the issuer's budget. (AS 2501.16) Financial statement audit only | AS 2501.16 |