- Inspection year
- 2024
- Report date
- 24-Jul-2025
- PCAOB release
- 104-2025-122
- Audits reviewed
- 4
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 25%
- Part I.A deficiencies
- 1
- Part I.B deficiencies
- 4
- Report
- View PDF ↗
Deficiencies (1)
Grouped by issuer and in the same order as the PCAOB report, so each item ties back directly to the source.
Issuer A1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Other Investments | The firm did not identify and evaluate a GAAP departure related to the issuer's classification of distributions received from an equity method investee as investing activities within the statement of cash flows rather than as operating activities considering the nature of the activities that generated the distributions in conformity with FASB ASC Topic 230 Statement of Cash Flows. (AS 2810.30 and .31) In connection with our review the issuer reevaluated its classification of the distributions received from the investee within the statement of cash flows and concluded that a material misstatement existed that had not been previously identified. The issuer subsequently corrected this misstatement in a restatement of its financial statements and the firm revised and reissued its report on the financial statements. The issuer also reevaluated its controls over the classification of distributions received from its equity method investee within the statement of cash flows and concluded that a material weakness existed that had not been previously identified. The issuer subsequently reflected this material weakness in a revision to its report on ICFR. Financial statement audit only | AS 2810.30; AS 2810.31 | Incorrect opinion |