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Ernst & Young Chartered Accountants
Ireland · Ernst & Young Global Limited · Triennially Inspected
- Inspection year
- 2023
- Report date
- 21-Jun-2024
- PCAOB release
- 104-2024-112
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 10
- Part I.B deficiencies
- 2
- Report
- View PDF ↗
Deficiencies (10)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A10 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: · The firm selected for testing controls that consisted of the issuer's (1) review and approval of material changes to amounts affecting the income statement account and a significant account and (2) review of data entered into the system and used to estimate and record the income statement account and significant account. The following deficiency was identified regarding the firm's testing of these controls: · When testing the operating effectiveness of these controls the firm did not select its samples from a complete population of data subject to the operation of the controls. Further the firm did not perform procedures to test or test controls over the accuracy and completeness of certain other data that it used to test the controls. (AS 1105.10) Financial statement audit only | AS 1105.10 | Significant risk |
| 2 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: · The firm selected for testing controls that consisted of the issuer's (1) review and approval of material changes to amounts affecting the income statement account and a significant account and (2) review of data entered into the system and used to estimate and record the income statement account and significant account. The following deficiency was identified regarding the firm's testing of these controls: · For one of these controls 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 2301.19 and .21) Financial statement audit only | AS 2301.19; AS 2301.21 | Significant risk |
| 3 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: · The firm selected for testing controls that consisted of the issuer's (1) review and approval of material changes to amounts affecting the income statement account and a significant account and (2) review of data entered into the system and used to estimate and record the income statement account and significant account. The following deficiency was identified regarding the firm's testing of these controls: · For this same control the firm did not identify and test any controls over the accuracy and completeness of certain data used in the operation of the control. (AS 2301.16) Financial statement audit only | AS 2301.16 | Significant risk |
| 4 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: · The firm selected for testing controls that consisted of the issuer's (1) review and approval of material changes to amounts affecting the income statement account and a significant account and (2) review of data entered into the system and used to estimate and record the income statement account and significant account. The following deficiency was identified regarding the firm's testing of these controls: · For the other control the firm did not test the operating effectiveness of an aspect of the control related to the issuer's review of the accuracy and completeness of certain data entered into the system and used to estimate and record the income statement account and significant account. (AS 2301.21) Financial statement audit only | AS 2301.21 | Significant risk |
| 5 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: The firm selected for testing other controls that consisted of the issuer's review and analysis of the income statement account and/or significant account. 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 2301.19 and .21) Financial statement audit only | AS 2301.19; AS 2301.21 | Significant risk |
| 6 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: · The firm selected for testing other controls that consisted of the issuer's review and analysis of the income statement account and/or significant account. For certain of these controls the firm did not identify and test any controls over the accuracy and/or completeness of certain system-generated reports and/or other end user computing files used in the operation of the controls. (AS 2301.16) Financial statement audit only | AS 2301.16 | Significant risk |
| 7 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: The firm did not identify and test any controls over the issuer's review of data contained in reports provided by external parties that the issuer entered into its system and used to estimate and record the income statement account and significant account to ensure it was accurate and complete and in accordance with terms of the contracts. (AS 2301.16) Financial statement audit only | AS 2301.16 | Significant risk |
| 8 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: The firm did not perform sufficient substantive procedures to test the income statement account because the firm did not evaluate whether the income statement account was recorded in accordance with the terms of the contracts. (AS 2301.08) Financial statement audit only | AS 2301.8 | Significant risk |
| 9 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: The firm did not perform substantive procedures to test the issuer's estimate of the income statement account and significant account beyond inquiry of management and comparing amounts recorded to documentation produced by the issuer. (AS 2501.07) Financial statement audit only | AS 2501.7 | Significant risk |
| 10 | Income Statement Account | To reduce the extent of its substantive procedures for an income statement account and a significant account the firm tested and placed reliance on certain controls. The following deficiency was identified: The sample sizes the firm used in certain of its substantive procedures to test the income statement account and significant account were 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 the 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 | Significant risk |