- Inspection year
- 2023
- Report date
- 21-Mar-2024
- PCAOB release
- 104-2024-061
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- Part I.A deficiencies
- 6
- Part I.B deficiencies
- 4
- 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 A4 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Oil and Gas Properties | The issuer used a specialist to estimate the issuer's oil and gas reserves that were used in the valuation of properties for which oil and gas reserves had been assigned. The following deficiency was identified: · The firm did not perform procedures to evaluate the reasonableness of certain significant assumptions. (AS 1105.A8b; AS 2501.16) Financial statement audit only | AS 1105.A8b; AS 2501.16 | Significant risk |
| 2 | Oil and Gas Properties | The issuer used a specialist to estimate the issuer's oil and gas reserves that were used in the valuation of properties for which oil and gas reserves had been assigned. The following deficiency was identified: · The firm did not perform procedures to test the accuracy and completeness of certain data provided by the issuer and used by the company's specialist to develop the estimate. (AS 1105.A8a) Financial statement audit only | AS 1105.A8a | Significant risk |
| 3 | Oil and Gas Properties | The issuer used a specialist to estimate the issuer's oil and gas reserves that were used in the valuation of properties for which oil and gas reserves had been assigned. The following deficiency was identified: · The firm did not perform procedures to evaluate the relevance and reliability of certain information from sources external to the issuer that the company's specialist used to develop the estimate. (AS 1105.A8a) Financial statement audit only | AS 1105.A8a | Significant risk |
| 4 | Oil and Gas Properties | The issuer used a specialist to estimate the issuer's oil and gas reserves that were used in the valuation of properties for which oil and gas reserves had been assigned. The following deficiency was identified: · The firm did not perform procedures to evaluate whether certain of the methods used by the company's specialist in the development of the estimates were appropriate under the circumstances. (AS 1105.A8c) Financial statement audit only | AS 1105.A8c | Significant risk |
Issuer B2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue-Related Account | The firm did not perform any procedures to test a revenue-related account. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 2 | Leases | The firm did not perform procedures to test the accuracy and completeness of certain disclosures related to operating leases. (AS 2301.08) Financial statement audit only | AS 2301.8 |