- Inspection year
- 2023
- Report date
- 16-Nov-2023
- PCAOB release
- 104-2024-010
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 6
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (6)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A6 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The issuer reported investment securities. The firm sent a confirmation to the trustee and the response was returned by email. The following deficiencies were identified: · The firm did not perform any procedures to test the fair value of investment securities. (AS 2501.07) Financial statement audit only | AS 2501.7 | |
| 2 | Investment Securities | The issuer reported investment securities. The firm sent a confirmation to the trustee and the response was returned by email. The following deficiencies were identified: · The firm did not evaluate whether the issuer's presentation of investment securities was in conformity with GAAP including consideration of contrary evidence included in the firm's work papers. (AS 2301.08; AS 2810.03) Financial statement audit only | AS 2301.8; AS 2810.3 | |
| 3 | Investment Securities | The issuer reported investment securities. The firm sent a confirmation to the trustee and the response was returned by email. The following deficiencies were identified: · The firm did not identify and evaluate a GAAP departure related to the issuer's omission of certain required disclosures related to these securities. (AS 2810.30 and .31) Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 4 | Investment Securities | The issuer reported investment securities. The firm sent a confirmation to the trustee and the response was returned by email. The following deficiencies were identified: · The firm did not consider performing procedures to address the risks associated with the electronic response received from the trustee such as verifying the source and contents of the confirmation response. (AS 2310.29) Financial statement audit only | AS 2310.29 | |
| 5 | Certain Liabilities | The issuer engaged an external specialist to determine the fair value of certain liabilities. The firm did not perform procedures to evaluate the reasonableness of a significant assumption developed and used by the company's specialist. (AS 1105.A8b) Financial statement audit only | AS 1105.A8b | |
| 6 | Journal Entries | The firm did not perform any procedures to identify and select journal entries and other adjustments for testing. (AS 2401.58) Financial statement audit only | AS 2401.58 |