- Inspection year
- 2023
- Report date
- 23-May-2024
- PCAOB release
- 104-2024-090
- Audits reviewed
- 8
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 13%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 2
- 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 | Investments | The firm did not identify and test controls over the existence of investments. (AS 2201.39) ICFR audit only | AS 2201.39 | |
| 2 | Capital Share Transactions | The issuer used a service organization to process and record transactions related to investments and capital share transactions. The following deficiency was identified: • This service organization used a sub-service organization to provide an accounting system that calculated gains and losses. The controls for the sub-service organization were not addressed in the service auditor's report. The firm did not perform procedures to obtain an understanding of or test any relevant controls at the sub-service organization. (AS 2201.39 and .B19) ICFR audit only | AS 2201.39; AS 2201.B19 | |
| 3 | Capital Share Transactions | The issuer used a service organization to process and record transactions related to investments and capital share transactions. The following deficiency was identified: • The firm obtained the service auditor's report and identified for testing certain complementary user entity controls (CUECs). For the identified CUECs the firm did not evaluate the review procedures that the control owners performed including the procedures to identify items for follow up and the procedures to determine whether those items were appropriately resolved. (AS 2201.42 .44 and .B22) ICFR audit only | AS 2201.42; AS 2201.44; AS 2201.B22 | |
| 4 | Capital Share Transactions | The issuer used a service organization to process and record transactions related to investments and capital share transactions. The following deficiency was identified: • The firm did not identify and test any CUECs over the accuracy and completeness of certain data that the service auditor's report described as being necessary. (AS 2201.39) ICFR audit only | AS 2201.39 |