- Inspection year
- 2023
- Report date
- 11-Dec-2023
- PCAOB release
- 104-2024-026
- Audits reviewed
- 4
- Audits w/ Part I.A deficiencies
- 4
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 8
- Part I.B deficiencies
- 2
- Report
- View PDF ↗
Deficiencies (8)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A4 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The firm's internal inspection program inspected this audit and reviewed these areas but did not identify the deficiencies below. The firm did not perform substantive procedures to test the valuation of certain investment securities held within various investment funds beyond comparing their net asset value to pricing information obtained from the respective investment fund's website. (AS 2501.07) Financial statement audit only | AS 2501.7 | |
| 2 | Participant and Employer Contributions | The firm's internal inspection program inspected this audit and reviewed these areas but did not identify the deficiencies below. The firm's approach to testing participant and employer contributions included reliance on controls and the use of data and reports from two service organizations which (1) processed and recorded participant and employer contributions and (2) processed payroll and record-related participant data. The following deficiencies were identified: · The firm did not test the design and operating effectiveness of certain complementary user controls related to the processing and recording of participant and employer contributions as identified in the service auditor's reports beyond inquiry of management. Further the firm did not evaluate whether certain other complementary user controls as identified in the service auditor's reports were relevant in addressing the risks of material misstatement related to participant and employer contributions. (AS 2601.14) Financial statement audit only | AS 2601.14 | |
| 3 | Participant and Employer Contributions | The firm's internal inspection program inspected this audit and reviewed these areas but did not identify the deficiencies below. The firm's approach to testing participant and employer contributions included reliance on controls and the use of data and reports from two service organizations which (1) processed and recorded participant and employer contributions and (2) processed payroll and record-related participant data. The following deficiencies were identified: · The sample size the firm used in certain of its substantive procedures to test participant and employer contributions was too small to provide sufficient appropriate audit evidence because these procedures were designed based on a level of control reliance that was not supported due to deficiencies in the firm's control testing discussed above. (AS 2301.16 .18 and .37; AS 2315.19 .23 and .23A) Financial statement audit only | AS 2301.16; AS 2301.18; AS 2301.37; AS 2315.19; AS 2315.23; AS 2315.23A | |
| 4 | Participant and Employer Contributions | The firm's internal inspection program inspected this audit and reviewed these areas but did not identify the deficiencies below. The firm's approach to testing participant and employer contributions included reliance on controls and the use of data and reports from two service organizations which (1) processed and recorded participant and employer contributions and (2) processed payroll and record-related participant data. The following deficiencies were identified: · The firm used certain data produced by one of the plan sponsor's service organizations in testing participant and employer contributions. The firm did not perform any procedures that addressed the accuracy and completeness of this data. (AS 2301.08) Financial statement audit only | AS 2301.8 |
Issuer B2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. To test the valuation of a certain type of investment securities the firm selected a sample of investments for testing. The sample size the firm used in its substantive test of details was too small to provide sufficient appropriate audit evidence because the firm did not take into account the characteristics of the population in determining its sample size. (AS 2315.16 .23 and .23A) Financial statement audit only | AS 2315.16; AS 2315.23; AS 2315.23A | |
| 2 | Investment Securities | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiencies below. The firm did not perform substantive procedures to test the valuation of certain other types of investment securities held within various investment funds beyond (1) for certain securities comparing their net asset value to pricing information obtained from the respective investment fund's website and (2) for other securities comparing their fair value or net asset value to the trustee or custodian statements. (AS 2501.07) Financial statement audit only | AS 2501.7 |
Issuer C1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiency below. The firm did not perform substantive procedures to test the valuation of certain investment securities held within various investment funds beyond comparing their fair value or net asset value to the trustee statements. (AS 2501.07) Financial statement audit only | AS 2501.7 | Significant risk |
Issuer D1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Investment Securities | The firm's internal inspection program inspected this audit and reviewed this area but did not identify the deficiency below. The firm did not perform substantive procedures to test the valuation of certain investment securities held within various investment funds beyond comparing their net asset value to pricing information obtained from the respective investment fund's website. (AS 2501.07) Financial statement audit only | AS 2501.7 |