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Samil PricewaterhouseCoopers
South Korea · PricewaterhouseCoopers International Limited · Triennially Inspected
- Inspection year
- 2023
- Report date
- 27-Sep-2024
- PCAOB release
- 104-2024-156
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 33%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (4)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A4 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm's internal inspection program had inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer used multiple information-technology (IT) systems to initiate process and record revenue. In its testing of controls over certain revenue the firm tested various automated and IT-dependent manual controls that used data and reports generated or maintained by these IT systems. As a result of the following deficiencies in the firm's testing of IT general controls (ITGCs) over certain of these IT systems the firm's testing of these automated and IT-dependent controls was not sufficient. (AS 2201.46) Both financial statement and ICFR audits | AS 2201.46 | |
| 2 | Revenue | The firm's internal inspection program had inspected this audit and reviewed this area but did not identify the deficiencies below. The issuer used multiple information-technology (IT) systems to initiate process and record revenue. The firm selected for testing certain ITGCs over user access to these IT systems. Management asserted that logical access to these IT systems was controlled through a third-party hosted IT solution used by the issuer and the firm obtained and evaluated a service auditor's report from this third-party hosted IT solution. The firm did not perform procedures to verify this assertion beyond inquiry of management and therefore the firm did not establish a basis to conclude that the logical access to these IT systems was only controlled through this third-party hosted IT solution. (AS 2201.42 and .44) Both financial statement and ICFR audits | AS 2201.42; AS 2201.44 | |
| 3 | Revenue | The firm's internal inspection program had inspected this audit and reviewed this area but did not identify the deficiencies below. The firm used system-generated data to substantively test certain revenue but did not test or sufficiently test controls over the accuracy and completeness of this data. (AS 1105.10) Both financial statement and ICFR audits | AS 1105.10 | |
| 4 | Revenue | The firm's internal inspection program had inspected this audit and reviewed this area but did not identify the deficiencies below. The firm used payment information produced by a third-party service organization used by the issuer to substantively test certain revenue but did not perform any procedures to test the accuracy and completeness of this information. (AS 2301.08) Both financial statement and ICFR audits | AS 2301.8 |