- Inspection year
- 2024
- Report date
- 24-Jul-2025
- PCAOB release
- 104-2025-127
- Audits reviewed
- 3
- Audits w/ Part I.A deficiencies
- 3
- Part I.A deficiency rate
- 100%
- Part I.A deficiencies
- 5
- Part I.B deficiencies
- 12
- Report
- View PDF ↗
Deficiencies (5)
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 issuer recognized revenue from contracts based on certain inputs. The firm did not perform sufficient procedures to test certain inputs used by the issuer in recognizing revenue as their procedures were limited to comparing the inputs to system-generated reports without performing procedures to test or identify and test controls over the accuracy of those reports. (AS 1105.10) Financial statement audit only | AS 1105.10 | |
| 2 | Revenue | The firm's substantive procedures to test certain revenue included selecting a sample of transactions for testing. The firm's sample was too small to provide sufficient appropriate audit evidence because in determining the sample size the firm did not take into account tolerable misstatement the allowable risk of incorrect acceptance and the characteristics of the population. (AS 2315.16 .23 and .23A) Financial statement audit only | AS 2315.16; AS 2315.23; AS 2315.23A | |
| 3 | Journal Entries | The firm identified fraud criteria for journal entries and obtained a listing of journal entries that met the criteria. The firm did not perform sufficient procedures to test those journal entries because it limited its procedures to certain entries without having an appropriate rationale. (AS 2401.61) Financial statement audit only | AS 2401.61 |
Issuer B1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Journal Entries | The firm identified fraud criteria for journal entries and obtained a listing of all journal entries that met the criteria. The firm did not perform sufficient procedures to test those journal entries because it limited its procedures to certain journal entries without having an appropriate rationale. (AS 2401.61) Financial statement audit only | AS 2401.61 |
Issuer C1 deficiency
| # | Area | Deficiency | Standard | Flags |
|---|---|---|---|---|
| 1 | Journal Entries | The firm identified fraud criteria for journal entries and obtained a listing of all journal entries that met the criteria. The firm did not perform sufficient procedures to test those journal entries because it limited its procedures to certain journal entries without having an appropriate rationale. (AS 2401.61) Financial statement audit only | AS 2401.61 |