- Inspection year
- 2025
- Report date
- 11-Sep-2025
- PCAOB release
- 104-2025-134
- Audits reviewed
- 2
- Audits w/ Part I.A deficiencies
- 1
- Part I.A deficiency rate
- 50%
- Part I.A deficiencies
- 3
- Part I.B deficiencies
- 1
- Report
- View PDF ↗
Deficiencies (3)
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 | Redeemable Common Stock | Certain redeemable shares of the issuer's common stock were redeemed during the year. The firm did not perform any procedures to test the redemption price per share of the redeemed shares. (AS 2301.08) Financial statement audit only | AS 2301.8 | |
| 2 | Income Taxes | The firm did not perform procedures beyond obtaining and reading the issuer's analysis to evaluate the issuer's conclusion that a deferred tax asset valuation allowance was not required including consideration of contradictory evidence. (AS 2501.07; AS 2810.03) Unrelated to our review the issuer reevaluated its accounting for the gross deferred tax asset and the related valuation allowance and concluded that material misstatements existed that had not been previously identified. The issuer subsequently corrected these misstatements in a restatement of its financial statements and the firm revised and reissued its report on the financial statements. Financial statement audit only | AS 2501.7; AS 2810.3 | |
| 3 | Income Taxes | The firm did not identify and evaluate a misstatement in the amount of the gross deferred tax asset disclosed in the financial statements. (AS 2810.30 and .31) Unrelated to our review the issuer reevaluated its accounting for the gross deferred tax asset and the related valuation allowance and concluded that material misstatements existed that had not been previously identified. The issuer subsequently corrected these misstatements in a restatement of its financial statements and the firm revised and reissued its report on the financial statements. Financial statement audit only | AS 2810.30; AS 2810.31 |