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Ziv Haft Certified Public Accountants (Isr)
Israel · BDO International Limited · Triennially Inspected
- Inspection year
- 2022
- Report date
- 22-Aug-2024
- PCAOB release
- 104-2024-134
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- 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 A6 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The following deficiency was identified: · The firm did not perform procedures to test or test any controls over the accuracy and completeness of certain IT system data used in its substantive testing of revenue. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Revenue | The following deficiency was identified: · The firm did not perform sufficient procedures to test the occurrence of certain revenue because the firm did not perform any procedures to test whether the performance obligations had been met prior to the recognition of the revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 3 | Revenue | The following deficiency was identified: · The firm did not perform sufficient procedures to evaluate whether the issuer recognized certain revenue in conformity with IFRS 15 Revenue from Contracts with Customers because the firm limited its procedures to revenue recognized from a single customer and did not perform any procedures to evaluate the issuer's recognition of revenue from the remaining customers. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 4 | Revenue | The following deficiency was identified: · The firm did not perform any procedures to evaluate the sufficiency of the issuer's disclosures regarding certain of its revenue recognition policies. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 5 | Cash | To test cash the firm's substantive procedures included confirmation procedures in which confirmation requests were sent electronically to email addresses provided by the issuer. The following deficiency was identified: · The firm did not perform procedures to determine whether the confirmation requests were directed to third parties who were knowledgeable about the information to be confirmed. (AS 2310.26) Financial statement audit only | AS 2310.26 | |
| 6 | Cash | To test cash the firm's substantive procedures included confirmation procedures in which confirmation requests were sent electronically to email addresses provided by the issuer. The following deficiency was identified: · The firm received electronic responses to four of the five confirmation requests. The firm did not consider performing procedures to address the risks associated with electronic responses such as verifying the source of the confirmation responses. (AS 2310.29) Financial statement audit only | AS 2310.29 |
Issuer B4 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The issuer used certain IT systems to process and record transactions related to revenue. The following deficiency was identified: · The firm selected for testing a control that consisted of management's review of a billing workbook to ensure that the calculations and billing details were accurate. The firm did not identify and test any controls over the accuracy and completeness of a system-generated report and the accuracy of certain other data used in the operation of this control. (AS 2201.39) Both financial statement and ICFR audits | AS 2201.39 | |
| 2 | Revenue | The issuer used certain IT systems to process and record transactions related to revenue. The following deficiency was identified: · The firm selected for testing a control that consisted of management's review of a billing workbook to ensure that the calculations and billing details were accurate. The firm did not evaluate the specific review procedures that the control owner performed to identify billing changes for review. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 3 | Revenue | The issuer used certain IT systems to process and record transactions related to revenue. The following deficiency was identified: · The firm's approach for testing revenue included sending confirmation requests to a sample of the issuer's customers. The issuer electronically sent the confirmation requests to the customers on behalf of the firm and the firm received the responses to the confirmation requests electronically. The firm did not maintain control over the confirmation requests through direct communication with the intended recipients of the confirmation requests. (AS 2310.28) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44; AS 2310.28 | |
| 4 | Revenue | The issuer used certain IT systems to process and record transactions related to revenue. The following deficiency was identified: · The firm's approach for testing revenue included sending confirmation requests to a sample of the issuer's customers. 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 |