- Inspection year
- 2024
- Report date
- 12-Sep-2024
- PCAOB release
- 104-2024-135
- Audits reviewed
- 1
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- —
- Report
- View PDF ↗
Deficiencies (3)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Acquisition of Assets | During the year the issuer acquired certain assets and engaged a specialist to assist in determining the fair value of these assets. The firm did not perform substantive procedures to test the fair value of these assets beyond obtaining and reading the company's specialist's report and testing the accuracy and completeness of certain issuer-produced data used to determine the fair value of the assets. Further the firm did not perform procedures with respect to its use of the work of the company's specialist as audit evidence beyond assessing the knowledge skill and ability of the company's specialist. (AS 1105.A4 - .A10; AS 2501.07) Financial statement audit only | AS 1105.A10; AS 1105.A4; AS 1105.A5; AS 1105.A6; AS 1105.A7; AS 1105.A8; AS 1105.A9; AS 2501.7 | |
| 2 | Mortgage Servicing Rights | The issuer engaged a specialist to assist in determining the fair value of mortgage servicing rights. The following deficiency was identified: · The firm did not perform any procedures to evaluate the relevance and reliability of data from external sources that the company's specialist used. (AS 1105.A8a) Financial statement audit only | AS 1105.A8a | |
| 3 | Mortgage Servicing Rights | The issuer engaged a specialist to assist in determining the fair value of mortgage servicing rights. The following deficiency was identified: · The firm did not perform any procedures to evaluate the reasonableness of certain significant assumptions developed by the company's specialist. (AS 1105.A8b) Financial statement audit only | AS 1105.A8b |