- Inspection year
- 2024
- Report date
- 28-Apr-2025
- PCAOB release
- 104-2025-066
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 2
- Part I.A deficiency rate
- 67%
- Part I.A deficiencies
- 4
- Part I.B deficiencies
- 4
- 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 A2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm's selected a sample of transactions to test certain revenue. The firm did not perform any procedures to test whether certain of these transactions were appropriately recognized as revenue. Further for certain other transactions the firm did not perform sufficient procedures to test the related revenue because it limited its procedures to vouching to cash receipts. (AS 2301.08 and .13) Financial statement audit only | AS 2301.8; AS 2301.13 | |
| 2 | Significant Estimates | The firm's approach for substantively testing a significant estimate was to test the issuer's process. The firm did not perform any procedures to evaluate the reasonableness of a significant assumption used by the issuer to develop this estimate beyond testing the mathematical accuracy of the calculation. (AS 2501.16) Financial statement audit only | AS 2501.16 | Significant risk |
Issuer B2 deficiencies
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Revenue | The firm did not perform any procedures to test or identify and test any controls over the completeness of certain issuer-prepared information used in its substantive testing of revenue. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Inventory | The issuer performed inventory counts prior to year end. The firm obtained issuer-prepared roll-forward analyses but did not perform procedures to test the completeness of the intervening transactions. (AS 2510.12) Financial statement audit only | AS 2510.12 | Significant risk |