- Inspection year
- 2024
- Report date
- 24-Oct-2024
- PCAOB release
- 104-2024-165
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 2
- Part I.B deficiencies
- —
- Report
- View PDF ↗
Deficiencies (2)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Allowance for Credit/Loan Losses | The issuer used information from a service organization in developing its estimate of the ACL. The firm selected for testing certain controls that used data and reports from the service organization. The firm did not (1) perform any procedures to obtain evidence regarding the service organization's controls for the year under audit or (2) identify and test any other controls over the accuracy and completeness of the data and reports used in the performance of these controls. (AS 2201.39 and .B19) Both financial statement and ICFR audits | AS 2201.39; AS 2201.B19 | Significant risk |
| 2 | Allowance for Credit/Loan Losses | The firm used certain of these data and reports in its substantive testing of the ACL but did not test or identify and test any controls over (as discussed above) the accuracy and/or completeness of these data and reports. (AS 2301.08 and .11) Both financial statement and ICFR audits | AS 2301.8; AS 2301.11 | Significant risk |