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Fontanella Associates LLC CPA & Consulting Firm
United States · Triennially Inspected
- Inspection year
- 2023
- Report date
- 26-Oct-2023
- PCAOB release
- 104-2024-002a
- 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
- 8
- 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 | Allowance for Credit/Loan Losses | The issuer determined the qualitative component of the ALL by applying basis points for qualitative factors to each loan type. The firm's approach for substantively testing the qualitative component was to test the issuer's process. The following deficiency was identified: · The firm did not evaluate the reasonableness of the significant assumptions the issuer used to develop this component. (AS 2501.16) Financial statement audit only | AS 2501.16 | |
| 2 | Allowance for Credit/Loan Losses | The issuer determined the qualitative component of the ALL by applying basis points for qualitative factors to each loan type. The firm's approach for substantively testing the qualitative component was to test the issuer's process. The following deficiency was identified: · The firm did not perform any procedures to test the accuracy and/or completeness of reports from the issuer's systems that the firm used in its substantive procedures. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 3 | Loans | The firm did not perform any procedures to evaluate the relevance and reliability of data from an external source that it used in its substantive procedures to test loans. (AS 1105.04 and .06) Financial statement audit only | AS 1105.4; AS 1105.6 |