- Inspection year
- 2023
- Report date
- 12-Jun-2024
- PCAOB release
- 104-2024-093
- Audits reviewed
- 9
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 11%
- 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 | Other Investments | The issuer used a service organization to manage the administration and valuation of investments and this service organization used sub-service organizations for certain functions. The service auditor's report did not address the controls over the sub-service organizations. The firm did not obtain an understanding of or test any relevant controls at the sub-service organizations. (AS 2201.39 and .B19) ICFR audit only | AS 2201.39; AS 2201.B19 | |
| 2 | Other Investments | The firm selected for testing complementary user controls that consisted of the issuer's review of the valuation and quantity of underlying investments. The firm did not evaluate the review procedures that the control owner 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 | |
| 3 | Other Investments | The firm selected for testing complementary user controls that consisted of the issuer's review of the valuation and quantity of underlying investments. The firm did not identify and test any controls over the accuracy and completeness of certain data used in the operation of these controls. (AS 2201.39) ICFR audit only | AS 2201.39 | |
| 4 | Other Investments | The firm did not identify and test any controls over the issuer's review of the (1) service auditor's report and (2) presentation and disclosure of investments in the financial statements. (AS 2201.39) ICFR audit only | AS 2201.39 |