- Inspection year
- 2024
- Report date
- 27-Mar-2025
- PCAOB release
- 104-2025-060
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 7
- Part I.B deficiencies
- 6
- Report
- View PDF ↗
Deficiencies (7)
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 | Expenses | The firm's approach for substantively testing certain expenses was to test the issuer's process. The firm did not perform procedures to test or test controls over the accuracy and completeness of data it used to substantively test the expenses. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Expenses | The firm's approach for substantively testing certain expenses was to test the issuer's process. The firm did not perform procedures to evaluate the reasonableness of the significant assumptions used by the issuer to estimate the expenses. (AS 2501.16) Financial statement audit only | AS 2501.16 | |
| 3 | Debt | The firm did not evaluate whether the issuer's accounting for and disclosure of certain notes payable was in conformity with GAAP. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 4 | Journal Entries | The firm did not identify and select journal entries and other adjustments for testing to address the potential for material misstatements due to fraud. (AS 2401.58) Financial statement audit only | AS 2401.58 |
Issuer B3 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Expenses | The firm did not perform procedures to test certain expenses beyond inquiry of the issuer's external accountant. (AS 2301.08; AS 2501.07) Financial statement audit only | AS 2301.8; AS 2501.7 | |
| 2 | Related Party Transactions | The firm did not perform procedures to test an amount due to a related party beyond reviewing minutes from the Board of Directors meetings. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 3 | Journal Entries | The firm did not identify and select journal entries and other adjustments for testing to address the potential for material misstatements due to fraud. (AS 2401.58) Financial statement audit only | AS 2401.58 |