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Moore MSLL Lima Lucchesi Auditores e Contadores Ltda.
Brazil · Triennially Inspected
- Inspection year
- 2023
- Report date
- 25-Jul-2024
- PCAOB release
- 104-2024-123
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 13
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (13)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A13 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm selected a sample of transactions to test revenue. The firm did not perform procedures to evaluate whether the issuer met its performance obligations before revenue was recognized. (AS 2301.08 and .13) Both financial statement and ICFR audits | AS 2301.8; AS 2301.13 | |
| 2 | Accounts Receivable | To test accounts receivable the firm sent positive confirmation requests to certain customers as of an interim date. The firm selected accounts receivable for testing that exceeded a monetary threshold. The firm did not perform any procedures to test the remaining population of accounts receivable. (AS 1105.27; AS 2301.08) Both financial statement and ICFR audits | AS 1105.27; AS 2301.8 | |
| 3 | Accounts Receivable | To test accounts receivable the firm sent positive confirmation requests to certain customers as of an interim date. The firm selected accounts receivable for testing that exceeded a monetary threshold. The following deficiency was identified with respect to the firm's confirmation procedures: · The issuer sent the confirmation requests on behalf of the firm. The firm did not maintain control of the confirmation requests through direct communication with the intended recipients of the confirmation requests. (AS 2310.28) Both financial statement and ICFR audits | AS 2310.28 | |
| 4 | Accounts Receivable | To test accounts receivable the firm sent positive confirmation requests to certain customers as of an interim date. The firm selected accounts receivable for testing that exceeded a monetary threshold. The following deficiency was identified with respect to the firm's confirmation procedures: · The firm received electronic responses to confirmation requests. The firm did not consider performing procedures to address the risks associated with electronic responses such as verifying the source and contents of the confirmation responses. (AS 2310.29) Both financial statement and ICFR audits | AS 2310.29 | |
| 5 | Accounts Receivable | To test accounts receivable the firm sent positive confirmation requests to certain customers as of an interim date. The firm selected accounts receivable for testing that exceeded a monetary threshold. The following deficiency was identified with respect to the firm's confirmation procedures: · For the confirmation requests that were not returned the firm did not perform alternative procedures that provided sufficient appropriate audit evidence that the recorded amounts of the accounts receivable were accurate as of the confirmation date. (AS 2310.31) Both financial statement and ICFR audits | AS 2310.31 | |
| 6 | Accounts Receivable | To test accounts receivable the firm sent positive confirmation requests to certain customers as of an interim date. The firm selected accounts receivable for testing that exceeded a monetary threshold. The following deficiency was identified with respect to the firm's confirmation procedures: · The firm did not perform procedures beyond inquiry of management to extend its conclusions regarding the existence of accounts receivable from the interim date in which the audit procedures were performed to year end. (AS 2301.45) Both financial statement and ICFR audits | AS 2301.45 | |
| 7 | Inventory | The firm observed physical inventory counts on various dates prior to year end. The firm did not perform procedures to test intervening transactions between the dates of its inventory observations and the issuer's year end beyond obtaining a reconciliation of inventory balances from the count dates to year end. (AS 2510.12) Both financial statement and ICFR audits | AS 2510.12 | |
| 8 | Inventory | The firm observed physical inventory counts on various dates prior to year end. The firm did not perform any procedures to test the existence of certain inventory. (AS 2510.09) Both financial statement and ICFR audits | AS 2510.9 | |
| 9 | Inventory | The firm observed physical inventory counts on various dates prior to year end. The firm did not perform any procedures to test the valuation of inventory reserves. (AS 2501.07) Both financial statement and ICFR audits | AS 2501.7 | |
| 10 | Inventory | The firm observed physical inventory counts on various dates prior to year end. The firm did not perform any procedures to test the appropriateness of costs recorded by the issuer for certain inventory. (AS 2301.08) Both financial statement and ICFR audits | AS 2301.8 | |
| 11 | Journal Entries | The firm did not identify and test any controls over journal entries and other adjustments made in the period-end financial reporting process. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 12 | 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) Both financial statement and ICFR audits | AS 2401.58 | |
| 13 | Evaluating Control Deficiencies | The firm communicated certain identified control deficiencies to the principal auditor as material weaknesses; however the firm did not evaluate the severity of each identified control deficiency to determine whether the deficiencies individually or in combination with other deficiencies constituted a material weakness. (AS 2201.62) Both financial statement and ICFR audits | AS 2201.62 |