- Inspection year
- 2023
- Report date
- 21-Jun-2024
- PCAOB release
- 104-2024-117
- 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
- 15
- 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 | Significant Accounts | The firm did not identify and evaluate departures from GAAP related to the issuer's presentation of certain significant accounts in the issuer's financial statements. (AS 2810.30 and .31) In connection with our review the issuer reevaluated the presentation of these significant accounts and determined that misstatements existed that had not been previously identified. The issuer did not file an amended Form 10-K or a Form 8-K indicating that its previously issued financial statements should not be relied on. Instead the issuer corrected these misstatements in a subsequent filing by revising the presentation of these significant accounts. Financial statement audit only | AS 2810.30; AS 2810.31 | |
| 2 | Significant Accounts | With respect to another significant account the following deficiency was identified: · The firm did not evaluate the appropriateness of the issuer's presentation of this account. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 3 | Significant Accounts | With respect to another significant account the following deficiency was identified: · The firm did not perform procedures to test an adjustment to this account beyond tracing amounts to an issuer-prepared schedule. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 4 | Significant Accounts | With respect to another significant account the following deficiency was identified: · The firm did not perform procedures to evaluate the reasonableness of a significant assumption related to this account that was developed by the issuer beyond certain limited procedures. (AS 2501.16) Financial statement audit only | AS 2501.16 | |
| 5 | Significant Accounts | With respect to another significant account the following deficiency was identified: · The firm did not perform any procedures to test certain other estimates related to this account. (AS 2501.07) Financial statement audit only | AS 2501.7 | |
| 6 | Significant Accounts | With respect to another significant account the following deficiency was identified: · The firm did not evaluate whether the issuer accounted for certain aspects of this account in conformity with GAAP including evaluating certain contradictory evidence. (AS 2301.08; AS 2810.03) Financial statement audit only | AS 2301.8; AS 2810.3 | |
| 7 | Significant Accounts | With respect to another significant account the following deficiency was identified: · The firm did not perform any procedures to evaluate the relevance and reliability of certain information that it used to test this account. (AS 1105.04 and .06) Financial statement audit only | AS 1105.4; AS 1105.6 | |
| 8 | Income Statement Account | The firm did not perform procedures to test certain transactions within an income statement account beyond obtaining an understanding of the issuer's accounting policy. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 9 | Income Statement Account | The firm did not evaluate whether the issuer's accounting for these transactions was in conformity with GAAP. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 10 | Journal Entries | The firm did not identify and select journal entries and other adjustments for testing to address the potential for material misstatement due to fraud. (AS 2401.58) Financial statement audit only | AS 2401.58 |