- Inspection year
- 2024
- Report date
- 27-Feb-2025
- PCAOB release
- 104-2025-041
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 6
- Part I.B deficiencies
- 11
- Report
- View PDF ↗
Deficiencies (6)
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 | Revenue | The firm did not perform any substantive procedures to evaluate whether the issuer met the revenue recognition criteria prior to recognizing revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 2 | Goodwill and Intangible Assets | The firm did not evaluate whether the issuer's accounting for and disclosures related to goodwill and certain intangible assets were in conformity with GAAP. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 3 | Journal Entries | The firm did not perform any procedures to identify and select journal entries and other adjustments for testing to address the potential for material misstatement due to fraud. (AS 2401.58) Financial statement audit only | AS 2401.58 |
Issuer B3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm did not perform any substantive procedures to evaluate whether the issuer met the revenue recognition criteria prior to recognizing revenue. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 2 | Equity-Related Transactions | The firm did not perform procedures to evaluate whether the issuer had a reasonable basis for the significant assumptions used to estimate the fair value of the issuer's common stock issued in various share-based transactions beyond obtaining and reading certain issuer-prepared documents. (AS 2501.16) Financial statement audit only | AS 2501.16 | |
| 3 | Journal Entries | The firm did not perform any procedures to identify and select journal entries and other adjustments for testing to address the potential for material misstatement due to fraud. (AS 2401.58) Financial statement audit only | AS 2401.58 |