- Inspection year
- 2023
- Report date
- 23-May-2024
- PCAOB release
- 104-2024-078
- Audits reviewed
- 5
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 20%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 3
- Report
- View PDF ↗
Deficiencies (4)
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 | Revenue | The firm's approach for substantively testing certain revenue was to test the issuer's process. To substantively test this revenue the firm performed tests of details over a sample of revenue transactions including recalculating the revenue and deferred revenue for the selected transactions. The following deficiency was identified: • The firm did not perform procedures to test or test any controls over the accuracy and completeness of certain information it used to substantively test the revenue transactions. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Revenue | The firm's approach for substantively testing certain revenue was to test the issuer's process. To substantively test this revenue the firm performed tests of details over a sample of revenue transactions including recalculating the revenue and deferred revenue for the selected transactions. The following deficiency was identified: • The firm did not perform sufficient procedures to evaluate whether the revenue transactions were recorded in the proper period because it did not consider the appropriateness of the delivery dates used to recognize the revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 3 | Revenue | The firm's approach for substantively testing certain revenue was to test the issuer's process. To substantively test this revenue the firm performed tests of details over a sample of revenue transactions including recalculating the revenue and deferred revenue for the selected transactions. The following deficiency was identified: • The firm did not compare the recalculated revenue and deferred revenue to the issuer's general ledger for the revenue transactions selected for testing. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 4 | Revenue | The firm's approach for substantively testing certain revenue was to test the issuer's process. To substantively test this revenue the firm performed tests of details over a sample of revenue transactions including recalculating the revenue and deferred revenue for the selected transactions. The following deficiency was identified: • The firm did not evaluate the reasonableness of a significant assumption used to estimate the amount of revenue to recognize. (AS 2501.16) Financial statement audit only | AS 2501.16 |