Report on Inspection of PricewaterhouseCoopers LLP (Headquartered in New York, New York) Public Company Accounting Oversight Board

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1 1666 K Street, N.W. Washingtn, DC Telephne: (202) Facsimile: (202) Reprt n 2014 (Headquartered in New Yrk, New Yrk) Issued by the Public Cmpany Accunting Oversight Bard THIS IS A PUBLIC VERSION OF A PCAOB INSPECTION REPORT PORTIONS OF THE COMPLETE REPORT ARE OMITTED FROM THIS DOCUMENT IN ORDER TO COMPLY WITH SECTIONS 104(g)(2) AND 105(b)(5)(A) OF THE SARBANES-OXLEY ACT OF 2002 PCAOB RELEASE NO

2 2014 INSPECTION OF PRICEWATERHOUSECOOPERS LLP Preface In 2014, the Public Cmpany Accunting Oversight Bard ("PCAOB" r "the Bard") cnducted an inspectin f the registered public accunting firm PricewaterhuseCpers LLP ("the Firm") pursuant t the Sarbanes-Oxley Act f 2002 ("the Act"). Inspectins are designed and perfrmed t prvide a basis fr assessing the degree f cmpliance by a firm with applicable requirements related t auditing issuers. Fr a descriptin f the prcedures the Bard's inspectrs may perfrm t fulfill this respnsibility, see Part I.D f this reprt (which als cntains additinal infrmatin cncerning PCAOB inspectins generally). The inspectin included reviews f prtins f selected issuer audits. These reviews were intended t identify whether deficiencies existed in the reviewed wrk, and whether such deficiencies indicated defects r ptential defects in the Firm's system f quality cntrl ver audits. In additin, the inspectin included a review f plicies and prcedures related t certain quality cntrl prcesses f the Firm that culd be expected t affect audit quality. The Bard is issuing this reprt in accrdance with the requirements f the Act. The Bard is releasing t the public Part I f the reprt, prtins f Appendix C, and Appendix D. Appendix C cnsists f the Firm's cmments, if any, n a draft f the reprt. If the nnpublic prtins f the reprt discuss criticisms f r ptential defects in the Firm's system f quality cntrl, thse discussins als culd eventually be made public, but nly t the extent the Firm fails t address the criticisms t the Bard's satisfactin within 12 mnths f the issuance f the reprt. Appendix D presents the text f the paragraphs f the auditing standards that are referenced in Part I.A in relatin t the descriptin f auditing deficiencies there.

3 Page 2 PART I INSPECTION PROCEDURES AND CERTAIN OBSERVATIONS Members f the Bard's staff ("the inspectin team") cnducted primary prcedures 1 fr the inspectin frm Nvember 2013 t January The inspectin team perfrmed field wrk at the Firm's Natinal Office and at 28 f its apprximately 65 U.S. practice ffices. A. Review f Audit Engagements The inspectin prcedures included reviews f prtins f 57 issuer audits perfrmed by the Firm and a review f the Firm's audit wrk n ne ther issuer audit engagement in which the Firm played a rle but was nt the principal auditr. The inspectin team identified matters that it cnsidered t be deficiencies in the perfrmance f the wrk it reviewed. One f the deficiencies related t auditing an aspect f an issuer's financial statements that the issuer restated after the primary inspectin prcedures. 2 In additin, fr fur f the audits described belw, after the primary inspectin prcedures, the Firm revised its pinin n the effectiveness f the issuer's internal cntrl ver financial reprting ("ICFR") t express an adverse pinin. The descriptins f the deficiencies in Part I.A f this reprt include, at the end f the descriptin f each deficiency, references t specific paragraphs f the auditing standards that relate t thse deficiencies. The text f thse paragraphs is set frth in Appendix D t this reprt. The references in this sub-part include nly standards that 1 Fr this purpse, the time span fr "primary prcedures" includes field wrk, ther review f audit wrk papers, and the evaluatin f the Firm's quality cntrl plicies and prcedures thrugh review f dcumentatin and interviews f Firm persnnel. The time span des nt include (1) inspectin planning, which may cmmence mnths befre the primary prcedures, and (2) inspectin fllw-up prcedures, wrap-up, analysis f results, and the preparatin f the inspectin reprt, which generally extend beynd the primary prcedures. 2 The 2014 inspectin did nt include review f any additinal audit wrk related t the restatement.

4 Page 3 primarily relate t the deficiencies; they d nt present a cmprehensive list f every auditing standard that applies t the deficiencies. Further, certain bradly applicable aspects f the auditing standards that may be relevant t a deficiency, such as prvisins requiring due prfessinal care, including the exercise f prfessinal skepticism; the accumulatin f sufficient apprpriate audit evidence; and the perfrmance f prcedures that address risks, are nt included in the references t the auditing standards in this sub-part, unless the lack f cmpliance with these standards is the primary reasn fr the deficiency. These bradly applicable prvisins are described in Part I.B f this reprt. Certain f the deficiencies identified were f such significance that it appeared t the inspectin team that the Firm, at the time it issued its audit reprt, had nt btained sufficient apprpriate audit evidence t supprt its pinin that the financial statements were presented fairly, in all material respects, in accrdance with the applicable financial reprting framewrk and/r its pinin abut whether the issuer had maintained, in all material respects, effective ICFR. In ther wrds, in these audits, the auditr issued an pinin withut satisfying its fundamental bligatin t btain reasnable assurance abut whether the financial statements were free f material misstatement and/r the issuer maintained effective ICFR. The fact that ne r mre deficiencies in an audit reach this level f significance des nt necessarily indicate that the financial statements are misstated r that there are undisclsed material weaknesses in ICFR. It is ften nt pssible fr the inspectin team, based nly n the infrmatin available frm the auditr, t reach a cnclusin n thse pints. Whether r nt assciated with a disclsed financial reprting misstatement, an auditr's failure t btain the reasnable assurance that the auditr is required t btain is a serius matter. It is a failure t accmplish the essential purpse f the audit, and it means that, based n the audit wrk perfrmed, the audit pinin shuld nt have been issued. 3 3 Inclusin in an inspectin reprt des nt mean that the deficiency remained unaddressed after the inspectin team brught it t the firm's attentin. Depending upn the circumstances, cmpliance with PCAOB standards may require the firm t perfrm additinal audit prcedures, r t infrm a client f the need fr changes t its financial statements r reprting n internal cntrl, r t take steps t

5 Page 4 The audit deficiencies that reached this level f significance are described in Part I.A.1 thrugh I.A.17, belw. Effects n Audit Opinins Of the 17 issuer audits that appear in Part I.A, deficiencies in 11 audits relate t testing cntrls fr purpses f the ICFR pinin, and deficiencies in 15 audits relate t the substantive testing perfrmed fr purpses f the pinin n the financial statements, as nted in the table belw. Of the 15 audits in which substantive testing deficiencies were identified, three audits included deficiencies in substantive testing that the inspectin team determined was caused by a reliance n cntrls that was t high in light f deficiencies in the testing f cntrls. Number f Audits Deficiencies included in Part I.A related t bth the financial statement audit and the ICFR audit Deficiencies included in Part I.A related t the financial statement audit nly Deficiencies included in Part I.A related t the ICFR audit nly Ttal 17 Mst Frequently Identified Audit Deficiencies The fllwing table lists, in summary frm, the types f deficiencies that are included mst frequently in Part I.A f this reprt. A general descriptin f each type is prevent reliance n its previusly expressed audit pinins. The Bard expects that firms will cmply with these standards, and an inspectin may include a review f the adequacy f a firm's cmpliance with these requirements, either with respect t previusly identified deficiencies r deficiencies identified during that inspectin. Failure by a firm t take apprpriate actins, r a firm's misrepresentatins in respnding t an inspectin reprt abut whether it has taken such actins, culd be a basis fr Bard disciplinary sanctins.

6 Page 5 prvided in the table; the descriptin f each deficiency in Part I.A cntains mre specific infrmatin abut the individual deficiency. The table includes nly the fur mst frequently identified deficiencies that are in Part I.A f this reprt and is nt a summary f all deficiencies in Part I.A. Issue Failure t sufficiently test significant assumptins r data that the issuer used in develping an estimate. Failure t sufficiently test the design and/r perating effectiveness f cntrls that the Firm selected fr testing. Failure t sufficiently test cntrls ver, r sufficiently test, the accuracy and/r cmpleteness f issuerprduced data r reprts. Failure t perfrm sufficient testing related t an accunt r significant prtin f an accunt r t address an identified risk. Part I.A Audits 12 Audits: Issuers A, B, C, D, E, F, G, H, I, K, L, and N 10 Audits: Issuers A, B, C, E, F, G, M, N, O, and Q 4 Audits: Issuers B, E, O, and P 4 Audits: Issuers E, H, J, and M Audit Deficiencies A.1. Issuer A In this audit, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR The issuer perfrmed its annual analysis f the pssible impairment f gdwill as f an interim date, and recrded a gdwill impairment lss fr ne f its reprting units. The Firm's prcedures related t the issuer's analysis fr that reprting unit were insufficient. Specifically The Firm selected fr testing certain cntrls that cnsisted f management's review f certain assumptins used in the analysis, but limited its prcedures t test thse cntrls t inquiring f management and cmparing infrmatin used in the analysis t

7 Page 6 supprting dcumentatin. The Firm's testing did nt include (1) ascertaining the nature f the review prcedures that the cntrl wners perfrmed t assess the reasnableness f these assumptins r (2) evaluating the criteria used by the cntrl wners t identify matters fr fllw up and whether thse matters were apprpriately addressed. As a result, the Firm failed t evaluate whether the cntrls perated at a level f precisin that wuld prevent r detect material misstatements. In additin, the Firm failed t evaluate whether the cntrls that it selected fr testing were als designed t address the reasnableness f ther significant assumptins used in the analysis. (AS N. 5, paragraphs 42 and 44) The Firm failed t sufficiently evaluate the reasnableness f certain significant assumptins underlying the cash-flw prjectins that the issuer used t determine the fair value f the reprting unit and the amunt f the gdwill impairment lss. Specifically The Firm limited its prcedures fr ne assumptin t verifying that the assumptin was cnsistent with the infrmatin in a presentatin that management had given t the issuer's bard f directrs in the prir year. (AU 328, paragraphs.26,.28, and.31) The issuer's assumptins related t certain csts and selling prices were based n market infrmatin. Fr the csts, the Firm failed t evaluate whether the frecasted market infrmatin was relevant t the issuer. Fr certain selling prices, the issuer used market infrmatin as f fur mnths befre the date f the gdwill impairment analysis, but the Firm failed t evaluate the reasnableness f the use f this infrmatin in light f significant price declines thrughut the year. (AU 328, paragraphs.26,.28, and.31) The Firm failed t perfrm any prcedures t evaluate the reasnableness f anther f the issuer's significant assumptins. (AU 328, paragraphs.26 and.28)

8 Page 7 The Firm failed t cnsider the implicatins f a significant shrtfall in the issuer's actual results fr the first nine mnths f the year cmpared t its frecast n the reliability f the issuer's prjectins. (AS N. 14, paragraph 3; AU 328, paragraphs.26,.28, and.36) The Firm selected fr testing a cntrl ver the issuer's identificatin f pssible triggering events, but failed t sufficiently test this cntrl. Specifically, the Firm limited its prcedures t gathering evidence that management had reviewed a cmparisn f actual results t budgeted amunts and nting whether management had identified a triggering event. The Firm, hwever, failed t ascertain the nature f any ther prcedures that management perfrmed t cnsider the pssible existence f ther triggering events and the criteria used t make related judgments. (AS N. 5, paragraphs 42 and 44) The issuer identified a triggering event at year end and perfrmed an evaluatin f the pssible impairment f gdwill fr the reprting unit discussed abve, using certain f the same cash-flw assumptins that it had used in its earlier annual evaluatin. The Firm failed t evaluate whether unfavrable perating results fr the reprting unit and declines in actual and frecasted sales prices in the perid after the issuer's annual evaluatin shuld have affected the assumptins used in this year-end evaluatin. (AS N. 14, paragraph 3; AU 328, paragraphs.26,.28, and.31) The Firm's testing f the valuatin f certain intangible assets, which the issuer acquired in a business cmbinatin during the year, was insufficient. Specifically, the Firm failed t sufficiently evaluate the reasnableness f certain significant assumptins that the issuer used t determine the fair value f these acquired intangible assets Fr ne assumptin, the Firm limited its testing t inquiring f management and gathering dcumentatin that management prvided t the issuer's bard f directrs. (AU 328, paragraphs.26 and.28)

9 Page 8 Fr anther assumptin, related t prductin vlumes, the issuer frecasted its prductin fr certain lcatins based n each lcatin's average prductin fr the fur previus years. The Firm's testing f this assumptin was limited t cmparing certain histrical data t underlying supprt and recalculating the average prductin fr certain f these lcatins. Fr several individual lcatins, there were significant differences between the currentyear prductin vlume and the prductin vlume prjected fr the fllwing year based n the average prductin, but the Firm failed t evaluate the reasnableness f using the average prductin in light f these differences. (AU 328, paragraphs.26,.28,.31, and.36) The Firm's prcedures related t the issuer's deferred tax asset fr research and develpment tax credits were insufficient. Specifically The Firm selected fr testing ne cntrl ver the research and develpment tax credits, which cnsisted f the issuer's identificatin and valuatin f uncertain tax psitins. The Firm limited its testing f this cntrl t (1) inspecting s and dcuments with signatures that indicated a review f the issuer's uncertain tax psitin memrandum had ccurred and (2) inquiring f management. The Firm, hwever, failed t ascertain the nature f the review prcedures perfrmed, including the criteria that the cntrl wner used t identify matters fr fllw up and whether thse matters were apprpriately reslved. As a result, the Firm failed t evaluate whether the cntrl perated at a level f precisin that wuld prevent r detect material misstatements relating t these tax credits. (AS N. 5, paragraphs 42 and 44) The Firm failed t test the accuracy and cmpleteness f the data that the issuer used in determining the estimated tax credits. (AU 342, paragraph.11)

10 Page 9 A.2. Issuer B In this audit f a healthcare prvider, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR The issuer generated revenue at numerus lcatins where certain types f rutine transactins were initiated and entered fr prcessing. In perfrming inquiries as part f planning the audit, the Firm btained infrmatin that indicated there culd be an pprtunity t carry ut a ptential fraud, but the Firm did nt take this int accunt when determining its fraud risks and, as a result, did nt design prcedures that were intended t specifically address this risk. The Firm's prcedures t test revenue were insufficient, as fllws The Firm's tests f cntrls ver revenue frm insurance reimbursements, which cmbined represented ver 90 percent f the issuer's revenue, were insufficient. Specifically The issuer had a decentralized prcess fr initiating revenue. The Firm selected fr testing a quarterly mnitring cntrl that perated ver this prcess and was perfrmed centrally. This cntrl included (1) the review f a sample f invices fr errrs and cmpliance with certain billing plicies and (2) the subsequent reprting f the results f this review. These results shwed a significant rate f errrs and issues with respect t the reviewed invices bth befre and after submissin fr reimbursement. The Firm failed t evaluate whether these errrs and issues were the result f a deficiency in the cntrls ver this revenue. In additin, the Firm's testing f the review aspect f this cntrl was limited t reading the reprts prepared as part f the cntrl, withut btaining an understanding f, and evaluating, the review prcedures perfrmed by the cntrl wners. (AS N. 5, paragraphs 42, 44, and 48) During the year, fr ne f its significant business units, the issuer implemented a new applicatin thrugh which a large

11 Page 10 number f revenue transactins were initiated. The Firm failed t identify and test any cntrls ver the accuracy and cmpleteness f the imprtant revenue data entered int this applicatin. (AS N. 5, paragraph 39) The issuer used a reprt as part f the peratin f anther cntrl ver revenue that the Firm tested; the Firm, hwever, failed t identify and test any cntrls ver the accuracy and cmpleteness f this reprt. (AS N. 5, paragraph 39) The Firm's strategy included testing cntrls ver user access t certain applicatins; the Firm, hwever, failed t sufficiently test thse cntrls. Specifically, the Firm failed t verify that the access that was granted fr the individuals included in its sample was the same as the access that had been apprved. In additin, when testing cntrls cnsisting f management's review f the apprpriateness f useraccess rles, the Firm perfrmed prcedures nly fr the issuer's centralized service center, and failed t test the access f users at the individual lcatins wh als had access t the applicatins. (AS N. 5, paragraph 44) The Firm designed its substantive prcedures including its sample size based n a level f cntrl reliance that was nt supprted due t the deficiencies in the Firm's testing f cntrls that are discussed abve. As a result, the sample size the Firm used t test revenue was t small t prvide sufficient evidence. (AS N. 13, paragraphs 16, 18, and 37; AU 350, paragraphs.19,.23, and.23a) The Firm's prcedures related t the issuer's analysis f the pssible impairment f certain indefinite-lived intangible assets fr ne business unit were insufficient. Specifically The Firm selected fr testing a cntrl ver the issuer's annual analysis f the pssible impairment f indefinite-lived intangible assets, but failed t test the aspects f this cntrl that related t the reasnableness f certain assumptins that the issuer used in

12 Page 11 its analysis. In additin, the Firm failed t identify and test any cntrls ver the accuracy and cmpleteness f a reprt that the issuer used in the perfrmance f this cntrl. (AS N. 5, paragraphs 39, 42, and 44) The Firm failed t sufficiently evaluate the reasnableness f certain significant assumptins and test certain data that the issuer used in its analysis f the pssible impairment f these assets. Specifically, fr ne assumptin, the Firm limited its testing t reviewing supprting schedules fr unusual items. Fr anther assumptin, the Firm limited its testing t cmparing the assumptin t certain infrmatin that it had btained independently, even thugh that infrmatin related t different gegraphic areas frm thse in which the assets were lcated. Fr a third assumptin, the Firm perfrmed n prcedures. In additin, the Firm failed t test the accuracy f a reprt that the issuer used in determining the fair value f the intangible assets. (AU 328, paragraphs.26,.28,.31, and.39) A.3. Issuer C In this audit f a manufacturer f prducts used in certain industrial applicatins, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR The Firm selected fr testing a cntrl ver the cash-flw frecasts that the issuer used in its analysis f the pssible impairment f gdwill. The cntrl cnsisted f management's presentatin t the bard f directrs f a budget, which frmed an imprtant basis fr the cash-flw frecasts. The Firm failed t sufficiently test this cntrl. Specifically, the Firm's prcedures were limited t reviewing minutes f a meeting f the bard f directrs t btain evidence that a review had been perfrmed; the Firm did nt btain an understanding f the level f aggregatin f the infrmatin reviewed, the criteria used t identify issues fr further investigatin, r the manner in which identified issues were investigated and reslved. As a result, the Firm failed t evaluate whether the cntrl perated at a level f precisin that wuld prevent r detect material misstatements. (AS N. 5, paragraphs 42 and 44)

13 Page 12 The Firm failed t sufficiently evaluate the reasnableness f certain significant assumptins that the issuer used in its analysis f the pssible impairment f gdwill fr a significant reprting unit. Specifically The Firm failed t perfrm prcedures t test the issuer's revenue prjectins, beynd (1) perfrming separate analyses f pssible revenue grwth and future grss margins t determine the pint at which the reprting unit's fair value wuld fall belw its carrying value, (2) inquiring f management, and (3) cmparing the frecasted revenue grwth rate t frecasts fr the industry in which the reprting unit's prducts were used. The Firm failed t evaluate whether these general industry frecasts were relevant t the issuer's specific market and t cnsider whether the assumptins were reasnable in light f the significant histrical vlatility in the issuer's revenue grwth. (AU 328, paragraphs.26,.28,.31, and.36) The issuer was in the prcess f undertaking a plant renvatin fr a cmpnent that represented a significant prtin f the reprting unit, and it prjected imprvements in grss margins as a result f the renvatin. The Firm failed t evaluate the reasnableness f the issuer's assumptins abut the effect f the renvatin n the cmpnent's grss margins. (AU 328, paragraphs.26,.28, and.36) The Firm limited its testing f frecasted wrking capital t a cmparisn t histrical data, withut taking int accunt the effect f the frecasted increases in revenue. (AU 328, paragraphs.26,.28,.31, and.36) A.4. Issuer D In this audit, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR The issuer engaged an external party ("the cnsultants") t perfrm its testing f cntrls. The Firm used the wrk f the cnsultants as evidence f the effectiveness f the majrity f the cntrls that the Firm selected

14 Page 13 fr testing, including certain f the cntrls that the Firm cnsidered t invlve high risk r t address risks f fraud that it identified. The Firm used the wrk f the cnsultants t a greater extent than was apprpriate, given: the risks invlved; the Firm's failure t cnsider, in its evaluatin f the cnsultants' bjectivity, that the cnsultants reprted t a member f management in the accunting department; and the extent f the Firm's testing f the cnsultants' wrk, which was insufficient t enable the Firm t make an evaluatin f the verall quality and effectiveness f the cnsultants' testing, as the Firm's testing was limited t reperfrming a small amunt f the cnsultants' testing. (AS N. 5, paragraph 19; AU 322, paragraphs.10,.24, and.26) A.5. During the year, the issuer acquired tw significant businesses. The Firm failed t sufficiently test the fair value f the in-prcess research and develpment acquired in thse transactins. Specifically, the Firm failed t evaluate, beynd cnsidering its industry knwledge and inquiring f management, the reasnableness f certain significant assumptins underlying the cash-flw frecasts that the issuer used t estimate the fair value f these assets. (AU 328, paragraphs.26 and.28) Issuer E In this audit f an issuer whse business included real estate develpment, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR The issuer wned an interest in an entity that it had accunted fr under the equity methd; during the year, the issuer acquired an additinal interest in that entity and accunted fr the acquisitin as a business cmbinatin. The Firm's prcedures related t the issuer's accunting fr the business cmbinatin were insufficient as fllws

15 Page 14 The Firm selected fr testing a cntrl that included management's review f the results f the acquired entity. The Firm als selected fr testing a cntrl ver the issuer's accunting fr investments, including business cmbinatins. The Firm limited its testing f these cntrls t inquiring f management, inspecting dcuments with signatures that indicated reviews perfrmed as part f the cntrls had ccurred, reading memranda prepared as part f the cntrls, and, fr ne f these cntrls, attending several meetings that cnstituted a part f the peratin f the cntrl. The Firm's testing did nt include ascertaining the nature f the review prcedures perfrmed, including the criteria used by the cntrl wners t identify matters fr fllw up r the actins that the cntrl wners perfrmed t assess the reasnableness f the revenue prjectins used t determine the fair value f the trademarks that were acquired in the business cmbinatin. As a result, the Firm failed t evaluate whether the cntrls perated at a level f precisin that wuld prevent r detect material misstatements. (AS N. 5, paragraphs 42 and 44) The Firm failed t sufficiently evaluate certain significant assumptins that the issuer used t develp revenue prjectins in rder t value the acquired trademarks. Specifically, the Firm's prcedures were limited t cmparing certain pricing estimates, which were inputs int the revenue prjectins, t market infrmatin, withut evaluating the reliability and cmparability f such infrmatin. Fr certain ther assumptins, the Firm perfrmed n prcedures. (AU 328, paragraphs.26,.28, and.31) The Firm failed t identify and test any cntrls ver the accuracy and cmpleteness f data that the issuer used t determine the fair value f acquired favrable and unfavrable leases. In additin, there was n evidence in the audit dcumentatin, and n persuasive ther evidence, that the Firm had substantively tested any f the data used t determine the fair value f these leases. (AS N. 5, paragraph 39; AU 328, paragraph.39) The issuer wned interests in several entities that it accunted fr using the equity methd. Fr the majrity f these investments, the issuer

16 Page 15 asserted that the related real estate investments were under develpment, and, therefre, the issuer reprted n equity incme r lss. The Firm's testing f the issuer's equity-methd investments was insufficient, as fllws The Firm limited its substantive prcedures and its tests f cntrls t thse investments fr which the issuer recgnized equity incme r lss during the year, which represented less than 40 percent f the issuer's ttal equity-methd investments. (AS N. 5, paragraphs 42 and 44; AS N. 12, paragraph 63; AS N. 13, paragraph 8) The Firm selected fr testing tw cntrls ver the issuer's accunting fr investments, but failed t sufficiently test these cntrls with respect t the equity-methd investments fr which the issuer recgnized equity incme r lss. Specifically, the Firm selected its samples t test the perating effectiveness f these cntrls withut taking int accunt its assessment f the risk assciated with these cntrls and the number f investments fr which the cntrls perated, and the samples that the Firm selected were t small t prvide sufficient apprpriate evidence. (AS N. 5, paragraphs 46 and 47) A.6. Issuer F The issuer prvided services t its custmers under cntracts specifying the services t be prvided; the issuer ften had multiple pen cntracts with a single custmer. The Firm identified a fraud risk related t revenue recgnitin. The Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinin n the financial statements. Specifically, with respect t revenue at a significant lcatin The Firm tested cntrls ver revenue that it believed addressed the identified fraud risk, and it used the results f this testing t assess cntrl risk at less than the maximum. These cntrls included (1) the review and apprval f revenue recgnized and billings recrded fr nging prjects, (2) the preparatin and review f recnciliatins f revenue, unbilled revenue, and custmer depsits t the general ledger, (3) the review and/r apprval f prject csts, and (4) the calculatin and review f the

17 Page 16 allwance fr uncllectible accunts. The Firm's prcedures t test these cntrls were limited t ne r mre f the fllwing: inquiring f management; gathering recnciliatins, accunt analyses, and/r ther dcuments prepared as part f the cntrl; verifying that accunt balances n the recnciliatins were cnsistent with the balance recrded in the general ledger and/r supprting dcumentatin; and/r inspecting dcuments with signatures r ntatins that indicated reviews perfrmed as part f the cntrls had ccurred. These prcedures were insufficient, as, fr certain f these cntrls, the Firm's testing did nt address the criteria used by the cntrl wners t identify matters fr investigatin; fr all f these cntrls, the Firm's testing did nt ascertain the nature f the prcedures perfrmed t investigate matters that were identified fr investigatin. The Firm, therefre, failed t evaluate whether the cntrls perated at a level f precisin that wuld prevent r detect material misstatements. (AS N. 13, paragraphs 13, 16, 19, and 21) The Firm designed its substantive prcedures including its sample size t test revenue based n a level f cntrl reliance that was nt supprted due t the deficiencies in its testing f cntrls that are discussed abve. As a result, the sample size the Firm used in its test f details f revenue was t small t prvide sufficient evidence. (AS N. 13, paragraphs 16, 18, and 37; AU 350, paragraphs.19,.23, and.23a) Fr the majrity f the revenue transactins that it selected fr testing, the Firm failed t review the underlying cntract r ther dcuments that delineated all the relevant cntract terms and cnditins. (AS N. 13, paragraphs 8 and 13) The Firm failed t sufficiently evaluate the reasnableness f tw significant assumptins that the issuer used in allcating revenue t the different phases f its custmer cntracts. Specifically, fr ne f these assumptins, the Firm limited its prcedures t inquiring f management, and fr the ther assumptin, the Firm perfrmed n prcedures. (AS N. 13, paragraphs 8 and 13; AU 342, paragraph.11) The Firm failed t btain evidence that the issuer had vercme the presumptin under GAAP that cntracts negtiated with the same

18 Page 17 custmer at r near the same time shuld be evaluated as a single arrangement. (AS N. 14, paragraph 30) A.7. Issuer G In this audit, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR During the year, the issuer acquired tw significant businesses. The Firm's testing related t the issuer's accunting fr business cmbinatins was insufficient in the fllwing respects The Firm selected fr testing tw cntrls ver the accunting fr business cmbinatins; hwever, it failed t sufficiently test these cntrls. Specifically, the Firm limited its testing t inquiring f management, inspecting dcuments with signatures r ther ntatins that indicated reviews perfrmed as part f the cntrls had ccurred, and reading issuer-prepared memranda summarizing the transactins. The Firm's prcedures did nt include any testing f an imprtant aspect f the cntrls, which cnsisted f the assessment f the reasnableness f the frecasts that the issuer used t determine the fair value f the acquired intangible assets and cntingent cnsideratin. (AS N. 5, paragraphs 42 and 44) Fr ne f the acquired businesses, the Firm failed t sufficiently evaluate the reasnableness f certain significant assumptins underlying the frecasts that the issuer used t determine the fair value f the acquired intangible assets and the cntingent cnsideratin. Specifically, the Firm's prcedures were limited t inquiring f management and cmparing the revenue prjectins underlying the frecasts used in the valuatin t (1) presentatins prvided t the issuer's bard f directrs and (2) actual results fr a shrt perid after the business cmbinatin. (AU 328, paragraphs.26,.28, and.31)

19 Page 18 The issuer amrtized the acquired intangible assets n a straight-line basis ver the estimated useful lives f the assets. The Firm failed t evaluate whether the issuer's use f the straight-line basis was apprpriate, given indicatrs in the issuer's cash-flw frecasts that the ecnmic benefit f these intangible assets wuld be cnsumed n a variable basis. (AS N. 14, paragraph 3; AU 342, paragraph.11) A.8 Issuer H In this audit, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinin n the financial statements The Firm's prcedures t test the issuer's analysis f the pssible impairment f gdwill were insufficient. The Firm's prcedures related t the revenue frecasts, which the issuer used t estimate the fair value f ne f its reprting units and the implied fair value f that reprting unit's gdwill, cnsisted f (1) inquiring f management, (2) cmparing frecasted sales grwth rates t industry infrmatin fr the issuer's mst significant prduct, (3) perfrming sensitivity analyses, and (4) cmparing the issuer's budget fr the current year t actual results. These prcedures were insufficient in the fllwing respects The Firm failed t cnsider the implicatins n the revenue frecasts f a significant shrtfall in the reprting unit's actual results fr the current year cmpared t its previusly budgeted amunt. (AS N. 14, paragraph 3; AU 328, paragraphs.26,.28, and.36) The Firm failed t sufficiently evaluate the reasnableness f certain assumptins that the issuer used in its revenue frecasts. Fr certain assumptins, the Firm limited its testing t inquiry f management. Fr ne assumptin fr ne prduct, the Firm failed t perfrm any prcedures. (AU 328, paragraphs.26 and.28) The Firm failed t perfrm sufficient prcedures t test prperty, plant, and equipment ("PPE"). Specifically

20 Page 19 The Firm tested certain additins t PPE thrugh an interim date. The Firm, hwever, failed t test a nn-rutine significant entry in the issuer's listing f additins t PPE, despite the fact that this entry was in an amunt that was multiple times the Firm's established materiality level. In additin, the Firm failed t perfrm sufficient prcedures t extend its cnclusins t the year end. Specifically, the Firm limited its prcedures t gathering a list f the additins that ccurred after the interim date. The ttal f the additins included in the list, hwever, did nt agree t the issuer's accunting recrds. Further, the Firm's prcedures did nt include testing any f these additins. (AS N. 13, paragraphs 8 and 45) The Firm failed t sufficiently evaluate the reasnableness f certain significant assumptins underlying the frecasts that the issuer used in its analysis f the pssible impairment f ne f the issuer's asset grups; this asset grup represented ver 90 percent f the issuer's PPE. Specifically, the Firm limited its testing t inquiring f management, verifying the mathematical accuracy f certain calculatins, and cmparing the frecasted selling prices fr the issuer's prducts t actual selling prices in recent years, withut evaluating the significant variances that it identified. (AU 328, paragraphs.26,.28,.31, and.36) A.9. Issuer I In this audit, the Firm failed t btain sufficient apprpriate audit evidence t supprt its audit pinin n the financial statements. During the year, the issuer acquired a business with significant prperty and equipment and accunted fr this acquisitin as a business cmbinatin. The Firm failed t evaluate the reasnableness f significant assumptins and test the data that the issuer used in determining the fair value f the acquired prperty and equipment. (AU 328, paragraphs.26,.28, and.39) A.10. Issuer J In this audit, the Firm failed t btain sufficient apprpriate audit evidence t supprt its audit pinin n the financial statements. The issuer acquired a significant business during the year, and it accunted fr the acquisitin as a business cmbinatin. The Firm failed t substantively test the fair value f certain significant

21 Page 20 acquired assets and assumed liabilities as f the acquisitin date. (AS N. 13, paragraph 8; AU 328, paragraph.23) A.11. Issuer K In this audit, the Firm failed t btain sufficient apprpriate audit evidence t supprt its audit pinin n the financial statements, as the Firm's prcedures t test the valuatin f certain significant assets acquired during the year in a business cmbinatin were insufficient. Specifically, the Firm failed t test the accuracy f certain data that the issuer used in determining the fair value f the majrity f the acquired PPE. (AU 328, paragraph.39) A.12. Issuer L In this audit, the Firm failed t btain sufficient apprpriate audit evidence t supprt its audit pinin n the financial statements. T test the fair value measurement f certain f the issuer's securities, the Firm requested pricing infrmatin frm external pricing services. Fr certain securities, which cnsisted primarily f cllateralized debt bligatins and cllateralized lan bligatins, the Firm did nt receive a price. The Firm limited its substantive prcedures fr these securities t gathering directly frm the issuer (1) brker qutes, withut evaluating whether the brker qutes were executable, r (2) ther valuatin infrmatin that the issuer had btained frm external surces, withut evaluating the specific methds and/r assumptins underlying these fair value measurements. (AU 328, paragraphs.26,.28, and.31) A.13. Issuer M In this audit f a manufacturer and distributr f cnsumer prducts, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR The Firm's prcedures related t inventry were insufficient, as fllws The Firm failed t perfrm sufficient prcedures related t the existence and cmpleteness f inventry held at external lcatins, cnsisting f utside warehuses and manufacturers. This inventry was multiple times the Firm's established level f materiality and represented a significant prprtin f current

22 Page 21 assets. The Firm failed t identify and test any cntrls ver the existence and cmpleteness f this inventry. In additin, t substantively test this inventry, the Firm inapprpriately limited its prcedures t cnfirming a sample f inventry balances with the warehuses and manufacturers. (AS N. 5, paragraph 39; AU 331, paragraph.14) The Firm failed t perfrm sufficient prcedures related t inventry held at the issuer's warehuses. The Firm selected fr testing a cntrl ver the inventry cycle cunts at the issuer's warehuses and planned fr its testing f this cntrl t prvide bth substantive and cntrl assurance. The Firm, hwever, failed t test whether the issuer's cycle-cunt prcedures addressed that sufficient inventry items were cunted. (AS N. 5, paragraph 42; AU 331, paragraph.11) The Firm selected fr testing certain cntrls ver the issuer's allwances fr sales returns and discunts, but failed t sufficiently test these cntrls. Specifically, the Firm limited its prcedures t test each cntrl t tw f the fllwing three prcedures: inspecting dcuments with signatures r ther ntatins that indicated a review perfrmed as part f the cntrls had ccurred, cmparing certain infrmatin in schedules prepared as a part f the cntrls t supprting schedules and/r t the general ledger and, fr ne f these cntrls, nting that certain variances were explained. The Firm's testing did nt include ascertaining the nature f the review prcedures perfrmed r evaluating the criteria used by the cntrl wners t identify matters fr investigatin, and, therefre, the Firm failed t evaluate whether the cntrls perated at a level f precisin that wuld prevent r detect material misstatements. (AS N. 5, paragraphs 42 and 44) A.14. Issuer N In this audit f a marketer f cnsumer prducts, the Firm failed in the fllwing respects t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR

23 Page 22 The Firm's prcedures related t the issuer's accunting fr certain custmer discunts were insufficient. Specifically The Firm selected fr testing tw cntrls ver the issuer's custmer discunt reserve, but failed t test the perating effectiveness f the aspects f the cntrls related t evaluating whether the reserve accurately included all authrized discunts. (AS N. 5, paragraph 44) The Firm failed t sufficiently test the issuer's custmer discunt reserve. Specifically, the Firm failed t evaluate certain f the significant assumptins, and test certain data, that the issuer used t calculate the reserve. (AU 342, paragraph.11) The Firm's prcedures related t the issuer's inventry reserve were insufficient. Specifically The Firm selected fr testing a cntrl cnsisting f a review f the issuer's analysis f the inventry reserve, but failed t test the aspect f the cntrl related t assessing the reasnableness f the reserve percentages. Specifically, the Firm's prcedures were limited t perfrming its wn assessment f the reasnableness f the reserve percentages, and did nt include evaluating hw the cntrl wner assessed the reasnableness f the percentages. Therefre, the Firm failed t evaluate whether the cntrl perated at a level f precisin that wuld prevent r detect material misstatements. (AS N. 5, paragraphs 42 and 44) The issuer disclsed that it had experienced a decline in its inventry turnver, and the Firm identified a number f inventry items that had had n sales within the last 12 mnths, but the Firm failed t cnsider whether this evidence shuld have affected its cnclusin that the issuer's inventry reserve was apprpriate. (AS N. 14, paragraph 3; AU 342, paragraph.11) The Firm selected fr testing a cntrl that included management's review f the accrual fr in-transit inventry, but it limited its prcedures t test this cntrl t determining whether the accrual agreed t the underlying

24 Page 23 dcumentatin and the apprved jurnal entry. The Firm failed t test the prcedures that the cntrl wner perfrmed t assess the accuracy and cmpleteness f the underlying dcumentatin and therefre failed t evaluate whether the cntrl perated at a level f precisin that wuld prevent r detect material misstatements. (AS N. 5, paragraphs 42 and 44) A.15. Issuer O In this audit, the Firm failed t btain sufficient apprpriate audit evidence t supprt its audit pinin n the effectiveness f ICFR. The Firm selected fr testing tw cntrls that included the review f aspects f the issuer's accunting fr incme taxes; these cntrls perated with respect t a large number f tax jurisdictins and were perfrmed by multiple cntrl wners. The Firm failed t sufficiently test these cntrls. Specifically The Firm's prcedures were limited t inspecting the results f certain parts f the cntrl wners' analyses, verifying certain tax rates used in the analyses, and inquiring f tw individuals. One f these individuals was ne f the multiple cntrl wners; the ther individual was nt ne f the cntrl wners. The Firm's testing did nt include ascertaining (1) the nature f the review activities perfrmed by the cntrl wners, including determining hw adjustments r issues were identified, investigated, and reslved r (2) the cnsistency f the cntrl wners' perfrmance. Therefre, the Firm failed t evaluate whether the cntrls perated at a level f precisin that wuld prevent r detect material misstatements. (AS N. 5, paragraphs 42 and 44) The issuer used certain reprts and schedules as part f the peratin f these cntrls; the Firm, hwever, failed t identify and test any cntrls ver the accuracy and cmpleteness f these reprts and schedules. (AS N. 5, paragraph 39) The Firm selected its samples withut taking int accunt (1) its assessment f the risk assciated with these cntrls, (2) the large number f tax jurisdictins fr which the cntrls perated, and (3) that each cntrl was perfrmed by multiple cntrl wners, and the samples that the Firm selected t test the perating effectiveness f these cntrls

25 Page 24 were t small t prvide sufficient evidence. (AS N. 5, paragraphs 46 and 47) A.16. Issuer P In this audit f an insurer, the Firm failed t btain sufficient apprpriate audit evidence t supprt its audit pinins n the financial statements and n the effectiveness f ICFR. Specifically, the Firm's prcedures related t the prperty and casualty lss reserve, with respect t which the Firm identified a significant risk, were insufficient, as fllws The issuer used internal actuaries as part f its prcess t develp its estimate f its prperty and casualty reserve. When testing cntrls ver this prcess, the Firm failed t identify and test any cntrls ver the accuracy and cmpleteness f certain system-generated reprts shwing claims data that the issuer prvided t the actuaries fr use in the develpment f the estimate. (AS N. 5, paragraph 39) The Firm develped an independent expectatin f the estimate as part f its substantive prcedures. The Firm's prcedures related t this expectatin, hwever, were insufficient. Specifically, the Firm used the issuer's lss triangles (which were develped frm the reprts described abve and which included lss data fr multiple perids) t develp its independent expectatin and determined that it needed t substantively test the accuracy and cmpleteness f the lss triangles in additin t relying n cntrls ver them. The Firm determined its sample sizes fr this testing, hwever, based n a high level f cntrl reliance, which was nt supprted due t the deficiency in the Firm's testing f cntrls that is discussed abve. As a result, the sample sizes that the Firm used t test the accuracy and cmpleteness f the lss triangles were t small t prvide sufficient evidence. In additin, with respect t the testing f the cmpleteness f the data within the lss triangles, the Firm selected its sample frm within certain f the lss triangles t cmpare t supprting dcumentatin, which was nt apprpriate fr the purpse f testing the cmpleteness f such data. (AS N. 13, paragraphs 16, 18, and 37; AU 350, paragraphs.17,.19,.23, and.23a)

26 Page 25 A.17. Issuer Q In this audit, the Firm failed t btain sufficient apprpriate audit evidence t supprt its audit pinin n the effectiveness f ICFR. The issuer recgnized revenue fr ne f its cmpnents, which generated a significant prtin f ttal revenue, under the percentage-f-cmpletin methd f accunting. The Firm selected fr testing a cntrl that included management's review f cntract terms and the initial estimate f ttal prject csts. The Firm, hwever, failed t test the aspect f this cntrl related t the review f the initial estimate. In additin, the Firm failed t sufficiently test cntrls ver the apprpriateness f the actual csts incurred, as the cntrl that the Firm identified and tested cnsisted f a cmparisn f thse actual csts t the initial estimate and the investigatin and reslutin f differences that exceeded certain threshlds. As a result, this cntrl was dependent n the accuracy f that initial estimate. (AS N. 5, paragraphs 42 and 44) B. Auditing Standards Each deficiency described in Part I.A abve culd relate t several prvisins f the standards that gvern the cnduct f audits. The paragraphs f the standards that are cited fr each deficiency are thse that mst directly relate t the deficiency. The deficiencies als relate, hwever, t ther paragraphs f thse standards and t ther auditing standards, including thse cncerning due prfessinal care, respnses t risk assessments, and audit evidence. Many audit deficiencies invlve a lack f due prfessinal care. AU 230, Due Prfessinal Care in the Perfrmance f Wrk, paragraphs.02,.05, and.06, requires the independent auditr t plan and perfrm his r her wrk with due prfessinal care and sets frth aspects f that requirement. AU 230, paragraphs.07 thrugh.09, and AS N. 13, The Auditr's Respnses t the Risks f Material Misstatement, paragraph 7, specify that due prfessinal care requires the exercise f prfessinal skepticism. These standards state that prfessinal skepticism is an attitude that includes a questining mind and a critical assessment f the apprpriateness and sufficiency f audit evidence. AS N. 13, paragraphs 3, 5, and 8, requires the auditr t design and implement audit respnses that address the risks f material misstatement. AS N. 15, Audit Evidence, paragraph 4, requires the auditr t plan and perfrm audit prcedures t btain sufficient apprpriate audit evidence t prvide a reasnable basis fr the audit

27 Page 26 pinin. Sufficiency is the measure f the quantity f audit evidence, and the quantity needed is affected by the risk f material misstatement (in the audit f financial statements) r the risk assciated with the cntrl (in the audit f ICFR) and the quality f the audit evidence btained. The apprpriateness f evidence is measured by its quality; t be apprpriate, evidence must be bth relevant and reliable in prviding supprt fr the related cnclusins. The paragraphs f the standards that are described immediately abve are nt cited in Part I.A, unless thse paragraphs are the mst directly related t the relevant deficiency. B.1. List f Specific Auditing Standards Referenced in Part I.A The table belw lists the specific auditing standards that are referenced in Part I.A f this reprt, crss-referenced t the issuer audits fr which each standard is cited. Fr each auditing standard, the table als prvides the number f distinct deficiencies fr which the standard is cited fr each f the relevant issuer audits. This infrmatin identifies nly the number f times that the standard is referenced, regardless f whether the reference includes multiple paragraphs r relates t multiple financial statement accunts. PCAOB Auditing Standards Audits Number f Deficiencies per Audit AS N. 5, An Audit f Internal Cntrl Over Financial Reprting That Is Integrated with An Audit f Financial Statements Issuer A Issuer B Issuer C Issuer D Issuer E Issuer G Issuer M Issuer N Issuer O Issuer P Issuer Q AS N. 12, Identifying and Assessing Risks f Material Misstatement Issuer E 1

28 Page 27 PCAOB Auditing Standards Audits Number f Deficiencies per Audit AS N. 13, The Auditr's Respnses t the Risks f Material Misstatement Issuer B Issuer E Issuer F Issuer H Issuer J Issuer P AS N. 14, Evaluating Audit Results Issuer A Issuer F Issuer G Issuer H Issuer N AU 322, The Auditr's Cnsideratin f the Internal Audit Functin in an Audit f Financial Statements AU 328, Auditing Fair Value Measurements and Disclsures Issuer D 1 Issuer A Issuer B Issuer C Issuer D Issuer E Issuer G Issuer H Issuer I Issuer J Issuer K Issuer L AU 331, Inventries Issuer M 2 AU 342, Auditing Accunting Estimates Issuer A Issuer F Issuer G Issuer N

29 Page 28 PCAOB Auditing Standards Audits Number f Deficiencies per Audit AU 350, Audit Sampling Issuer B Issuer F Issuer P B.2. Financial Statement Accunts r Auditing Areas Related t Identified Audit Deficiencies The table belw lists the financial statement accunts r auditing areas related t each deficiency included in Part I.A f this reprt and identifies the audits described in Part I.A where deficiencies relating t the respective areas were bserved. 4 The fllwing standard was cited fr nly ne issuer and is excluded frm the table: AU Business cmbinatins, including cntingent cnsideratin AS N. 5 AS N. 12 AS N. 13 AS N. 14 E, G J A, D, E, G, I, J, K AU 328 AU 331 AU 342 AU 350 Fixed assets H H Impairment f A, B, C A, H A, B, C, gdwill and H intangible assets Incme taxes A, O A Insurance reserves P P P Inventry and M, N N M N 4 Certain deficiencies that affect multiple accunts r areas, such as thse related t scping multi-lcatin audits and thse related t the evaluatin f cntrl deficiencies, are excluded frm this table, but are included in Appendix D. 5 The AU 322 issue fr Issuer D related t cntrls fr all financial statement areas except business cmbinatins.

30 Page 29 related reserves Investment securities and equity-methd investments Lng-lived assets, including amrtizatin, depreciatin r depletin Revenue, including accunts receivable, deferred revenue, and allwances AS N. 5 AS N. 12 AS N. 13 AS N. 14 E E E L B, M, N, Q G AU 328 AU 331 AU 342 AU 350 B, F F F, N B, F G B.3. Audit Deficiencies by Industry The table belw lists the industries 6 f the issuers fr which audit deficiencies were discussed in Part I.A f this reprt, alng with the specific auditing standards related t the deficiencies and the number f issuer audits where thse deficiencies were bserved. 7 Because an issuer audit may have deficiencies that relate t mre than ne standard, the ttal fr each rw shuld nt be read as the ttal number f issuers. AS N. 5 AS N. 12 AS N. 13 Cnsumer AS N. 14 AU 322 AU 328 AU 331 AU 342 AU The majrity f industry sectr data is based n Glbal Industry Classificatin Standard ("GICS") data btained frm Standard & Pr's ("S&P"). In instances where GICS fr an issuer is nt available frm S&P, classificatins are assigned based upn Nrth American Industry Classificatin System data. 7 Where identifying the industry f the issuer may enhance the understanding f the descriptin f a deficiency in Part I.A, industry infrmatin is als prvided there, unless ding s wuld have the effect f making the issuer identifiable.

31 Page 30 AS N. 5 AS N. 12 AS N. 13 Discretinary Cnsumer Staples Energy 1 Financial Healthcare Industrials 1 1 Infrmatin Technlgy Materials AS N. 14 AU 322 AU 328 AU 331 AU 342 AU 350

32 Page 31 C. Data Related t the Issuer Audits Selected fr Inspectin 8 C.1. Industries f Issuers Inspected The chart belw categrizes the 58 issuers whse audits were inspected in 2014, based n the issuer's industry. 9 Infrmatin Technlgy 12% Industrials 14% Industries f Issuers Inspected Materials 9% Utilities 2% Cnsumer Discretinary 21% Cnsumer Staples 8% Energy 7% Industry Number Percentage f Audits Inspected Cnsumer 12 21% Discretinary Cnsumer 5 8% Staples Energy 4 7% Financials 11 19% Health Care 5 8% Industrials 8 14% IT 7 12% Materials 5 9% Utilities 1 2% Health Care 8% Financials 19% 8 Where the audit wrk inspected related t an engagement in which the Firm played a rle but was nt the principal auditr, the industry and the revenue included in the tables and charts belw are thse f the entity fr which an audit reprt was issued by the primary auditr. As discussed abve, the inspectin prcess included reviews f prtins f 57 selected issuer audits cmpleted by the Firm and the Firm's audit wrk n ne ther issuer audit engagement in which it played a rle but was nt the principal auditr. 9 classified. See Ftnte 6 fr additinal infrmatin n hw industry sectrs were

33 Page 32 C.2. Revenue Ranges f Issuers Inspected The chart belw categrizes, based upn revenue, the 58 issuers whse audits were inspected in This presentatin f revenue data is intended t prvide infrmatin abut the size f issuer audits that were inspected and is nt indicative f whether the inspectin included a review f the Firm's auditing f revenue in the issuer audits selected fr review. 5bn-10bn 12% Revenue Ranges f Issuers Inspected (in US$) 10bn-50bn 10% > 50bn 2% millin 21% Revenue Number Percentage (in US$) f Audits inspected millin 12 21% 500 millin % billin billin 11 19% billin 10 17% 5-10 billin 7 12% billin 6 10% >50 billin 1 2% 2.5bn-5bn 17% 1bn-2.5bn 19% 500 millin- 1bn 19% 10 The revenue amunts reflected in the chart are fr the issuer's fiscal year end that crrespnds t the audit inspected by the PCAOB. The revenue amunts were btained frm S&P and reflect a standardized apprach t presenting revenue amunts.

34 Page 33 D. Infrmatin Cncerning PCAOB Inspectins that is Generally Applicable t Annually Inspected Firms Bard inspectins include reviews f certain prtins f selected audit wrk perfrmed by the inspected firm and reviews f certain aspects f the firm's quality cntrl system. The inspectins are designed t identify deficiencies in audit wrk and defects r ptential defects in the firm's system f quality cntrl related t the firm's audits. The fcus n deficiencies, defects, and ptential defects necessarily carries thrugh t reprts n inspectins and, accrdingly, Bard inspectin reprts are nt intended t serve as balanced reprt cards r verall rating tls. Further, the inclusin in an inspectin reprt f certain deficiencies, defects, and ptential defects shuld nt be cnstrued as an indicatin that the Bard has made any determinatin abut ther aspects f the inspected firm's systems, plicies, prcedures, practices, r cnduct nt included within the reprt. D.1. Reviews f Audit Wrk Inspectins include reviews f prtins f selected audits f financial statements and, where applicable, audits f ICFR. Fr these audits, the inspectin team selects certain prtins f the audits fr inspectin, and it reviews the engagement team's wrk papers and interviews engagement persnnel regarding thse prtins. If the inspectin team identifies a ptential issue that it is unable t reslve thrugh discussin with the firm and any review f additinal wrk papers r ther dcumentatin, the inspectin team rdinarily prvides the firm with a written cmment frm n the matter and the firm is allwed the pprtunity t prvide a written respnse t the cmment frm. If the respnse des nt reslve the inspectin team's cncerns, the matter is cnsidered a deficiency and is evaluated fr inclusin in the inspectin reprt. The inspectin team selects the audits, and the specific prtins f thse audits, that it will review, and the inspected firm is nt allwed an pprtunity t limit r influence the selectins. Audit deficiencies that the inspectin team may identify include a firm's failure t identify, r t address apprpriately, financial statement

35 Page 34 misstatements, including failures t cmply with disclsure requirements, 11 as well as a firm's failure t perfrm, r t perfrm sufficiently, certain necessary audit prcedures. An inspectin f an annually inspected firm des nt invlve the review f all f the firm's audits, nr is it designed t identify every deficiency in the reviewed audits. Accrdingly, a Bard inspectin reprt shuld nt be understd t prvide any assurance that a firm's audit wrk, r the relevant issuers' financial statements r reprting n ICFR, are free f any deficiencies nt specifically described in an inspectin reprt. In sme cases, the cnclusin that a firm did nt perfrm a prcedure may be based n the absence f dcumentatin and the absence f persuasive ther evidence, even if the firm claimed t have perfrmed the prcedure. AS N. 3, Audit Dcumentatin, prvides that, in varius circumstances including PCAOB inspectins, a firm that has nt adequately dcumented that it perfrmed a prcedure, btained evidence, r reached an apprpriate cnclusin must demnstrate with persuasive ther evidence that it did s, and that ral assertins and explanatins alne d nt cnstitute persuasive ther evidence. In reaching its cnclusins, an inspectin team cnsiders whether audit dcumentatin r any ther evidence that a firm might prvide t the inspectin team supprts the firm's cntentin that it perfrmed a prcedure, btained evidence, r reached an apprpriate cnclusin. In the case f every matter cited in the public prtin f a final inspectin reprt, the inspectin team has carefully cnsidered any cntentin by the firm that it did s but just did nt dcument its wrk, and the inspectin team has cncluded that the available evidence des nt supprt the cntentin that the firm sufficiently perfrmed the necessary wrk. 11 When it cmes t the Bard's attentin that an issuer's financial statements appear nt t present fairly, in a material respect, the financial psitin, results f peratins, r cash flws f the issuer in cnfrmity with the applicable financial reprting framewrk, the Bard's practice is t reprt that infrmatin t the Securities and Exchange Cmmissin ("SEC" r "the Cmmissin"), which has jurisdictin t determine prper accunting in issuers' financial statements. Any descriptin in this reprt f financial statement misstatements r failures t cmply with SEC disclsure requirements shuld nt be understd as an indicatin that the SEC has cnsidered r made any determinatin regarding these issues unless therwise expressly stated.

36 Page 35 Identified deficiencies in the audit wrk that exceed a significance threshld (which is described in Part I.A f the inspectin reprt) are summarized in the public prtin f the inspectin reprt. 12 The Bard cautins against extraplating frm the results presented in the public prtin f a reprt t brader cnclusins abut the frequency f deficiencies thrughut the firm's practice. Individual audits and areas f inspectin fcus are mst ften selected n a risk-weighted basis and nt randmly. Areas f fcus vary amng selected audits, but ften invlve audit wrk n the mst difficult r inherently uncertain areas f financial statements. Thus, the audit wrk is generally selected fr inspectin based n factrs that, in the inspectin team's view, heighten the pssibility that auditing deficiencies are present, rather than thrugh a prcess intended t identify a representative sample. D.2. Review f a Firm's Quality Cntrl System QC 20, System f Quality Cntrl fr a CPA Firm's Accunting and Auditing Practice, prvides that an auditing firm has a respnsibility t ensure that its persnnel cmply with the applicable prfessinal standards. This standard specifies that a firm's system f quality cntrl shuld encmpass the fllwing elements: (1) independence, integrity, and bjectivity; (2) persnnel management; (3) acceptance and cntinuance f issuer audit engagements; (4) engagement perfrmance; and (5) mnitring. The inspectin team's assessment f a firm's quality cntrl system is derived bth frm the results f its prcedures specifically fcused n the firm's quality cntrl plicies and prcedures, and als frm inferences that can be drawn frm deficiencies in the perfrmance f individual audits. Audit deficiencies, whether alne r when aggregated, may indicate areas where a firm's system has failed t prvide reasnable 12 The discussin in this reprt f any deficiency bserved in a particular audit reflects infrmatin reprted t the Bard by the inspectin team and des nt reflect any determinatin by the Bard as t whether the Firm has engaged in any cnduct fr which it culd be sanctined thrugh the Bard's disciplinary prcess. In additin, any references in this reprt t vilatins r ptential vilatins f law, rules, r prfessinal standards are nt a result f an adversarial adjudicative prcess and d nt cnstitute cnclusive findings fr purpses f impsing legal liability.

37 Page 36 assurance f quality in the perfrmance f audits. Even deficiencies that d nt result in an insufficiently supprted audit pinin r a failure t btain sufficient apprpriate audit evidence t fulfill the bjectives f the firm's rle in an audit may indicate a defect r ptential defect in a firm's quality cntrl system. 13 If identified deficiencies, when accumulated and evaluated, indicate defects r ptential defects in the firm's system f quality cntrl, the nnpublic prtin f this reprt wuld include a discussin f thse issues. When evaluating whether identified deficiencies in individual audits indicate a defect r ptential defect in a firm's system f quality cntrl, the inspectin team cnsiders the nature, significance, and frequency f deficiencies; 14 related firm methdlgy, guidance, and practices; and pssible rt causes. Inspectins als include a review f certain f the firm's practices, plicies, and prcesses related t audit quality, which cnstitute a part f the firm's quality cntrl system. The inspectin team custmizes the prcedures it perfrms with respect t the firm's practices, plicies, and prcesses related t audit quality, bearing in mind the firm's structure, prcedures perfrmed in prir inspectins, past and current inspectin bservatins, an assessment f risk related t each area, and ther factrs. The areas generally cnsidered fr review include (1) management structure and prcesses, including the tne at the tp; (2) practices fr partner management, including allcatin f partner resurces and partner evaluatin, cmpensatin, admissin, and disciplinary actins; (3) plicies and prcedures fr cnsidering and addressing the risks invlved in accepting and retaining issuer audit engagements, including the applicatin f the firm's risk-rating system; (4) prcesses related t the firm's use f audit wrk that the firm's freign affiliates perfrm n the freign peratins f the firm's U.S. issuer audits; and 13 Nt every audit deficiency suggests a defect r ptential defect in a firm's quality cntrl system, and this reprt des nt discuss every audit deficiency the inspectin team identified. 14 An evaluatin f the frequency f a type f deficiency may include cnsideratin f hw ften the inspectin team reviewed audit wrk that presented the pprtunity fr similar deficiencies t ccur. In sme cases, even a type f deficiency that is bserved infrequently in a particular inspectin may, because f sme cmbinatin f its nature, its significance, and the frequency with which it has been bserved in previus inspectins f the firm, be cause fr cncern abut a quality cntrl defect r ptential defect.

38 Page 37 (5) the firm's prcesses fr mnitring audit perfrmance, including prcesses fr identifying and assessing indicatrs f deficiencies in audit perfrmance, independence plicies and prcedures, and prcesses fr respnding t defects r ptential defects in quality cntrl. A descriptin f the prcedures generally applied t these areas is belw. D.2.a. Review f Management Structure and Prcesses, Including the Tne at the Tp Prcedures in this area are designed t fcus n (1) hw management is structured and perates the firm's business, and the implicatins that the management structure and prcesses have n audit perfrmance and (2) whether actins and cmmunicatins by the firm's leadership the tne at the tp demnstrate a cmmitment t audit quality. T assess this area, the inspectin team may interview members f the firm's leadership and review significant management reprts and dcuments, as well as infrmatin regarding financial metrics and ther prcesses that the firm uses t plan and evaluate its business. D.2.b. Review f Practices fr Partner Management, Including Allcatin f Partner Resurces and Partner Evaluatin, Cmpensatin, Admissin, and Disciplinary Actins Prcedures in this area are designed t fcus n (1) whether the firm's prcesses related t partner evaluatin, cmpensatin, admissin, terminatin, and disciplinary actins culd be expected t encurage an apprpriate emphasis n audit quality and technical cmpetence, as distinct frm marketing r ther activities f the firm; (2) the firm's prcesses fr allcating its partner resurces; and (3) the accuntability and respnsibilities f the different levels f firm management with respect t partner management. The inspectin team may interview members f the firm's management and review dcumentatin related t certain f these tpics. In additin, the inspectin team's evaluatin may include the results f interviews f audit partners regarding their respnsibilities and allcatin f time. Further, the inspectin team may review a sample f partners' persnnel files.

39 Page 38 D.2.c. Review f Plicies and Prcedures fr Cnsidering and Addressing the Risks Invlved in Accepting and Retaining Issuer Audit Engagements, Including the Applicatin f the Firm's Risk-Rating System The inspectin team may cnsider the firm's dcumented plicies and prcedures in this area. In additin, the inspectin team may select certain issuer audits t (1) evaluate cmpliance with the firm's plicies and prcedures fr identifying and assessing the risks invlved in accepting r cntinuing the issuer audit engagements and (2) bserve whether the audit prcedures were respnsive t the risks identified during the firm's prcess. D.2.d. Review f Prcesses Related t a Firm's Use f Audit Wrk that the Firm's Freign Affiliates Perfrm n the Freign Operatins f the Firm's U.S. Issuer Audits The inspectin team may review the firm's plicies and prcedures related t its supervisin and cntrl f wrk perfrmed by freign affiliates n the firm's U.S. issuer audits, review available infrmatin relating t the mst recent internal inspectins f freign affiliated firms, interview members f the firm's leadership, and review the U.S. engagement teams' supervisin cncerning, and prcedures fr cntrl f, the audit wrk that the firm's freign affiliates perfrmed n a sample f audits. D.2.e. Review f a Firm's Prcesses fr Mnitring Audit Perfrmance, Including Prcesses fr Identifying and Assessing Indicatrs f Deficiencies in Audit Perfrmance, Independence Plicies and Prcedures, and Prcesses fr Respnding t Defects r Ptential Defects in Quality Cntrl D.2.e.i. Review f Prcesses fr Identifying and Assessing Indicatrs f Deficiencies in Audit Perfrmance Prcedures in this area are designed t identify and assess the mnitring prcesses that the firm uses t mnitr audit quality fr individual engagements and fr the firm as a whle. The inspectin team may interview members f the firm's management and review dcuments relating t the firm's identificatin and evaluatin f, and respnse t, pssible indicatrs f deficiencies in audit perfrmance. In additin, the inspectin team may review dcuments related t the design, peratin, and

40 Page 39 evaluatin f findings f the firm's internal inspectin prgram, and may cmpare the results f its review f audit wrk t thse frm the internal inspectin's review f the same audit wrk. D.2.e.ii. Review f Respnse t Defects r Ptential Defects in Quality Cntrl The inspectin team may review steps the firm has taken t address pssible quality cntrl deficiencies and assess the design and effectiveness f the underlying prcesses. In additin, the inspectin team may inspect audits f issuers whse audits had been reviewed during previus PCAOB inspectins f the firm t ascertain whether the audit prcedures in areas with previus deficiencies have imprved. D.2.e.iii. Review f Certain Other Plicies and Prcedures Related t Mnitring Audit Quality The inspectin team may assess plicies, prcedures, and guidance related t aspects f independence requirements and the firm's cnsultatin prcesses, as well as the firm's cmpliance with these requirements and prcesses. In additin, the inspectin team may review dcuments, including certain newly issued plicies and prcedures, and interview firm management t cnsider the firm's methds fr develping audit plicies, prcedures, and methdlgies, including internal guidance and training materials. END OF PART I

41 Page 40 PART II, PART III, APPENDIX A, AND APPENDIX B OF THIS REPORT ARE NONPUBLIC AND ARE OMITTED FROM THIS PUBLIC DOCUMENT

42 PCAOB Release N Page C-1 APPENDIX C RESPONSE OF THE FIRM TO DRAFT INSPECTION REPORT Pursuant t sectin 104(f) f the Act, 15 U.S.C. 7214(f), and PCAOB Rule 4007(a), the Firm prvided a written respnse t a draft f this reprt. Pursuant t sectin 104(f) f the Act and PCAOB Rule 4007(b), the Firm's respnse, minus any prtin granted cnfidential treatment, is attached heret and made part f this final inspectin reprt The Bard des nt make public any f a firm's cmments that address a nnpublic prtin f the reprt unless a firm specifically requests therwise. In sme cases, the result may be that nne f a firm's respnse is made publicly available. In additin, pursuant t sectin 104(f) f the Act, 15 U.S.C. 7214(f), and PCAOB Rule 4007(b), if a firm requests, and the Bard grants, cnfidential treatment fr any f the firm's cmments n a draft reprt, the Bard des nt include thse cmments in the final reprt at all. The Bard rutinely grants cnfidential treatment, if requested, fr any prtin f a firm's respnse that addresses any pint in the draft that the Bard mits frm, r any inaccurate statement in the draft that the Bard crrects in, the final reprt.

43 June 12, 2015 Ms. Helen A. Munter, Directr Divisin f Registratin and Inspectins Public Cmpany Accunting Oversight Bard 1666 K Street, N.W. Washingtn, D.C Re: Respnse t Draft Reprt n the 2014 Dear Ms. Munter: On behalf f PricewaterhuseCpers LLP (the Firm ), we are pleased t prvide ur respnse t the Public Cmpany Accunting Oversight Bard's ( PCAOB r the Bard ) Draft Reprt n the 2014 Inspectin f ur Firm's 2013 audits (the Reprt ). Cnsistently perfrming high-quality audits remains the tp pririty f the Firm and ur partners in rder t serve the investing cmmunity and bring value t the capital markets. In this regard, we recgnize the value f the inspectin prcess and have taken all f the Bard s bservatins int accunt in frmulating ur varius actins t cntinuusly imprve audit quality. We will address the matters raised in the Reprt in a thrugh and thughtful way. We have evaluated each f the bservatins set frth in Part I - Inspectin Prcedures and Certain Observatins f the Reprt and have taken apprpriate actins under bth PCAOB standards and ur plicies. Our evaluatin included thse steps that we cnsidered necessary t cmply with AU 390, Cnsideratin f Omitted Prcedures After the Reprt Date, and where applicable, AU 561, Subsequent Discvery f Facts Existing at the Date f the Auditr s Reprt and AS N. 5, An Audit f Internal Cntrl Over Financial Reprting That Is Integrated With An Audit f Financial Statements. We cntinue t supprt the PCAOB in its missin, and are cmmitted t furthering the public interest thrugh the preparatin f infrmative, accurate and independent audit reprts. We lk frward t cntinuing ur dialgue with the PCAOB and wuld be pleased t discuss any aspect f this respnse r any ther questins yu may have. Sincerely, Bb Mritz US Chairman and Senir Partner PricewaterhuseCpers LLP Vincent Clman Vice Chairman and US Assurance Leader PricewaterhuseCpers LLP PricewaterhuseCpers LLP, 300 Madisn Avenue, New Yrk, NY T: (646) , F: (813) ,

44 Page D-1 APPENDIX D AUDITING STANDARDS REFERENCED IN PART I This appendix prvides the text f the auditing standard paragraphs that are referenced in Part I.A f this reprt. Ftntes that are included in this appendix, and any ther Ntes, are frm the riginal auditing standards that are referenced. While this appendix cntains the specific prtins f the relevant standards cited with respect t the deficiencies in Part I.A f this reprt, ther prtins f the standards (including thse described in Part I.B f this reprt) may prvide additinal cntext, descriptins, related requirements, r explanatins; the cmplete standards are available n the PCAOB's website at AS N. 5, An Audit f Internal Cntrl Over Financial Reprting That Is Integrated with An Audit f Financial Statements PLANNING THE AUDIT AS N The extent t which the auditr may use the wrk f thers in an audit f internal cntrl als depends n the risk assciated with the cntrl being tested. As the risk assciated with a cntrl increases, the need fr the auditr t perfrm his r her wn wrk n the cntrl increases. Issuer D USING A TOP-DOWN APPROACH Selecting Cntrls t Test AS N The auditr shuld test thse cntrls that are imprtant t the auditr's cnclusin abut whether the cmpany's cntrls sufficiently address the assessed risk f misstatement t each relevant assertin. Issuers B, E, M, O, and P TESTING CONTROLS Testing Design Effectiveness AS N The auditr shuld test the design effectiveness f cntrls by determining whether the cmpany's cntrls, if they are perated as prescribed by persns pssessing the necessary authrity and cmpetence t perfrm the cntrl effectively, satisfy the cmpany's cntrl bjectives and can effectively prevent r detect errrs r fraud that culd result in material misstatements in the financial statements. Issuers A, B, C, E, G, M, N, O, and Q

45 Page D-2 AS N. 5, An Audit f Internal Cntrl Over Financial Reprting That Is Integrated with An Audit f Financial Statements Nte: A smaller, less cmplex cmpany might achieve its cntrl bjectives in a different manner frm a larger, mre cmplex rganizatin. Fr example, a smaller, less cmplex cmpany might have fewer emplyees in the accunting functin, limiting pprtunities t segregate duties and leading the cmpany t implement alternative cntrls t achieve its cntrl bjectives. In such circumstances, the auditr shuld evaluate whether thse alternative cntrls are effective. Testing Operating Effectiveness AS N The auditr shuld test the perating effectiveness f a cntrl by determining whether the cntrl is perating as designed and whether the persn perfrming the cntrl pssesses the necessary authrity and cmpetence t perfrm the cntrl effectively. Issuers A, B, C, E, G, M, N, O, and Q Nte: In sme situatins, particularly in smaller cmpanies, a cmpany might use a third party t prvide assistance with certain financial reprting functins. When assessing the cmpetence f persnnel respnsible fr a cmpany's financial reprting and assciated cntrls, the auditr may take int accunt the cmbined cmpetence f cmpany persnnel and ther parties that assist with functins related t financial reprting. Relatinship f Risk t the Evidence t be Obtained AS N Fr each cntrl selected fr testing, the evidence necessary t persuade the auditr that the cntrl is effective depends upn the risk assciated with the cntrl. The risk assciated with a cntrl cnsists f the risk that the cntrl might nt be effective and, if nt effective, the risk that a material weakness wuld result. As the risk assciated with the cntrl being tested increases, the evidence that the auditr shuld btain als increases Issuers E and O Nte: Althugh the auditr must btain evidence abut the effectiveness f cntrls fr each relevant assertin, the auditr is nt respnsible fr btaining

46 Page D-3 AS N. 5, An Audit f Internal Cntrl Over Financial Reprting That Is Integrated with An Audit f Financial Statements sufficient evidence t supprt an pinin abut the effectiveness f each individual cntrl. Rather, the auditr's bjective is t express an pinin n the cmpany's internal cntrl ver financial reprting verall. This allws the auditr t vary the evidence btained regarding the effectiveness f individual cntrls selected fr testing based n the risk assciated with the individual cntrl. AS N Factrs that affect the risk assciated with a cntrl include The nature and materiality f misstatements that the cntrl is intended t prevent r detect; The inherent risk assciated with the related accunt(s) and assertin(s); Whether there have been changes in the vlume r nature f transactins that might adversely affect cntrl design r perating effectiveness; Whether the accunt has a histry f errrs; The effectiveness f entity-level cntrls, especially cntrls that mnitr ther cntrls; The nature f the cntrl and the frequency with which it perates; The degree t which the cntrl relies n the effectiveness f ther cntrls (e.g., the cntrl envirnment r infrmatin technlgy general cntrls); The cmpetence f the persnnel wh perfrm the cntrl r mnitr its perfrmance and whether there have been changes in key persnnel wh perfrm the cntrl r mnitr its perfrmance; Whether the cntrl relies n perfrmance by an individual r is autmated (i.e., an autmated cntrl wuld generally be expected t be lwer risk if relevant infrmatin technlgy general cntrls are effective); and Nte: A less cmplex cmpany r business Issuers E and O

47 Page D-4 AS N. 5, An Audit f Internal Cntrl Over Financial Reprting That Is Integrated with An Audit f Financial Statements unit with simple business prcesses and centralized accunting peratins might have relatively simple infrmatin systems that make greater use f ff-the-shelf packaged sftware withut mdificatin. In the areas in which ff-the-shelf sftware is used, the auditr's testing f infrmatin technlgy cntrls might fcus n the applicatin cntrls built int the pre-packaged sftware that management relies n t achieve its cntrl bjectives and the IT general cntrls that are imprtant t the effective peratin f thse applicatin cntrls. The cmplexity f the cntrl and the significance f the judgments that must be made in cnnectin with its peratin. Nte: Generally, a cnclusin that a cntrl is nt perating effectively can be supprted by less evidence than is necessary t supprt a cnclusin that a cntrl is perating effectively. AS N When the auditr identifies deviatins frm the cmpany's cntrls, he r she shuld determine the effect f the deviatins n his r her assessment f the risk assciated with the cntrl being tested and the evidence t be btained, as well as n the perating effectiveness f the cntrl. Nte: Because effective internal cntrl ver financial reprting cannt, and des nt, prvide abslute assurance f achieving the cmpany's cntrl bjectives, an individual cntrl des nt necessarily have t perate withut any deviatin t be cnsidered effective. Issuer B

48 Page D-5 AS N. 12, Identifying and Assessing Risks f Material Misstatement IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT Identifying Significant Accunts and Disclsures and Their Relevant Assertins AS N The cmpnents f a ptential significant accunt r disclsure might be subject t significantly differing risks. Issuer E AS N. 13, The Auditr's Respnses t the Risks f Material Misstatement Respnses Invlving the Nature, Timing, and Extent f Audit Prcedures AS N The auditr shuld design and perfrm audit prcedures in a manner that addresses the assessed risks f material misstatement fr each relevant assertin f each significant accunt and disclsure. Issuers E, F, H, and J RESPONSES TO FRAUD RISKS AS N Addressing Fraud Risks in the Audit f Financial Statements. In the audit f financial statements, the auditr shuld perfrm substantive prcedures, including tests f details, that are specifically respnsive t the assessed fraud risks. If the auditr selects certain cntrls intended t address the assessed fraud risks fr testing in accrdance with paragraphs f this standard, the auditr shuld perfrm tests f thse cntrls. Issuer F Testing Cntrls TESTING CONTROLS IN AN AUDIT OF FINANCIAL STATEMENTS AS N Cntrls t be Tested. If the auditr plans t assess cntrl risk at less than the maximum by relying n cntrls, 12/ and the nature, timing, and extent f planned substantive prcedures are based n that lwer assessment, the auditr must btain evidence that the cntrls selected Issuers B, F, and P

49 Page D-6 AS N. 13, The Auditr's Respnses t the Risks f Material Misstatement fr testing are designed effectively and perated effectively during the entire perid f reliance. 13/ Hwever, the auditr is nt required t assess cntrl risk at less than the maximum fr all relevant assertins and, fr a variety f reasns, the auditr may chse nt t d s. Ftntes t AS N / Reliance n cntrls that is supprted by sufficient and apprpriate audit evidence allws the auditr t assess cntrl risk at less than the maximum, which results in a lwer assessed risk f material misstatement. In turn, this allws the auditr t mdify the nature, timing, and extent f planned substantive prcedures. 13/ Terms defined in Appendix A, Definitins, are set in bldface type the first time they appear. AS N Evidence abut the Effectiveness f Cntrls in the Audit f Financial Statements. In designing and perfrming tests f cntrls fr the audit f financial statements, the evidence necessary t supprt the auditr's cntrl risk assessment depends n the degree f reliance the auditr plans t place n the effectiveness f a cntrl. The auditr shuld btain mre persuasive audit evidence frm tests f cntrls the greater the reliance the auditr places n the effectiveness f a cntrl. The auditr als shuld btain mre persuasive evidence abut the effectiveness f cntrls fr each relevant assertin fr which the audit apprach cnsists primarily f tests f cntrls, including situatins in which substantive prcedures alne cannt prvide sufficient apprpriate audit evidence. Issuers B, F, and P TESTING DESIGN EFFECTIVENESS AS N The auditr shuld test the design effectiveness f the cntrls selected fr testing by determining whether the cmpany's cntrls, if they are perated as prescribed by persns pssessing the necessary authrity and cmpetence t perfrm the cntrl effectively, satisfy the cmpany's cntrl bjectives and can effectively prevent r detect errr r fraud that culd result in material misstatements in the financial statements. Issuer F Nte: A smaller, less cmplex cmpany might achieve its cntrl bjectives in a different manner frm a larger, mre cmplex rganizatin. Fr

50 Page D-7 AS N. 13, The Auditr's Respnses t the Risks f Material Misstatement example, a smaller, less cmplex cmpany might have fewer emplyees in the accunting functin, limiting pprtunities t segregate duties and leading the cmpany t implement alternative cntrls t achieve its cntrl bjectives. In such circumstances, the auditr shuld evaluate whether thse alternative cntrls are effective. TESTING OPERATING EFFECTIVENESS AS N The auditr shuld test the perating effectiveness f a cntrl selected fr testing by determining whether the cntrl is perating as designed and whether the persn perfrming the cntrl pssesses the necessary authrity and cmpetence t perfrm the cntrl effectively. Issuer F Substantive Prcedures AS N As the assessed risk f material misstatement increases, the evidence frm substantive prcedures that the auditr shuld btain als increases. The evidence prvided by the auditr's substantive prcedures depends upn the mix f the nature, timing, and extent f thse prcedures. Further, fr an individual assertin, different cmbinatins f the nature, timing, and extent f testing might prvide sufficient apprpriate evidence t respnd t the assessed risk f material misstatement. Issuers B, F, and P TIMING OF SUBSTANTIVE PROCEDURES AS N When substantive prcedures are perfrmed at an interim date, the auditr shuld cver the remaining perid by perfrming substantive prcedures, r substantive prcedures cmbined with tests f cntrls, that prvide a reasnable basis fr extending the audit cnclusins frm the interim date t the perid end. Such prcedures shuld include (a) cmparing relevant infrmatin abut the accunt balance at the interim date with cmparable infrmatin at the end f the perid t identify amunts that appear unusual and investigating such amunts and (b) perfrming audit prcedures t test the remaining perid. Issuer H

51 Page D-8 AS N. 14, Evaluating Audit Results Evaluating the Results f the Audit f Financial Statements AS N In frming an pinin n whether the financial statements are presented fairly, in all material respects, in cnfrmity with the applicable financial reprting framewrk, the auditr shuld take int accunt all relevant audit evidence, regardless f whether it appears t crrbrate r t cntradict the assertins in the financial statements. Issuers A, G, H, and N EVALUATING THE PRESENTATION OF THE FINANCIAL STATEMENTS, INCLUDING THE DISCLOSURES AS N The auditr must evaluate whether the financial statements are presented fairly, in all material respects, in cnfrmity with the applicable financial reprting framewrk. Issuer F Nte: AU sec. 411, The Meaning f Present Fairly in Cnfrmity With Generally Accepted Accunting Principles, establishes requirements fr evaluating the presentatin f the financial statements. Auditing Standard N. 6, Evaluating Cnsistency f Financial Statements, establishes requirements regarding evaluating the cnsistency f the accunting principles used in financial statements. Nte: The auditr shuld lk t the requirements f the Securities and Exchange Cmmissin fr the cmpany under audit with respect t the accunting principles applicable t that cmpany. AU 322, The Auditr's Cnsideratin f the Internal Audit Functin in an Audit f Financial Statements Assessing the Cmpetence and Objectivity f the Internal Auditrs Objectivity f the Internal Auditrs

52 Page D-9 AU 322, The Auditr's Cnsideratin f the Internal Audit Functin in an Audit f Financial Statements AU When assessing the internal auditrs' bjectivity, the auditr shuld btain r update infrmatin frm prir years abut such factrs as The rganizatinal status f the internal auditr respnsible fr the internal audit functin, including Whether the internal auditr reprts t an fficer f sufficient status t ensure brad audit cverage and adequate cnsideratin f, and actin n, the findings and recmmendatins f the internal auditrs. Whether the internal auditr has direct access and reprts regularly t the bard f directrs, the audit cmmittee, r the wner-manager. Whether the bard f directrs, the audit cmmittee, r the wner-manager versees emplyment decisins related t the internal auditr. Plicies t maintain internal auditrs' bjectivity abut the areas audited, including Plicies prhibiting internal auditrs frm auditing areas where relatives are emplyed in imprtant r audit-sensitive psitins. Plicies prhibiting internal auditrs frm auditing areas where they were recently assigned r are scheduled t be assigned n cmpletin f respnsibilities in the internal audit functin. Issuer D Evaluating and Testing the Effectiveness f Internal Auditrs' Wrk AU The auditr shuld perfrm prcedures t evaluate the quality and effectiveness f the internal auditrs' wrk, as described in paragraphs.12 thrugh.17, that significantly affects the nature, timing, and extent f the auditr's prcedures. The nature and extent f the prcedures the auditr shuld perfrm when making this Issuer D

53 Page D-10 AU 322, The Auditr's Cnsideratin f the Internal Audit Functin in an Audit f Financial Statements evaluatin are a matter f judgment depending n the extent f the effect f the internal auditrs' wrk n the auditr's prcedures fr significant accunt balances r classes f transactins. AU In making the evaluatin, the auditr shuld test sme f the internal auditrs' wrk related t the significant financial statement assertins. These tests may be accmplished by either (a) examining sme f the cntrls, transactins, r balances that the internal auditrs examined r (b) examining similar cntrls, transactins, r balances nt actually examined by the internal auditrs. In reaching cnclusins abut the internal auditrs' wrk, the auditr shuld cmpare the results f his r her tests with the results f the internal auditrs' wrk. The extent f this testing will depend n the circumstances and shuld be sufficient t enable the auditr t make an evaluatin f the verall quality and effectiveness f the internal audit wrk being cnsidered by the auditr. Issuer D AU 328, Auditing Fair Value Measurements and Disclsures Testing The Entity's Fair Value Measurements and Disclsures AU Based n the auditr's assessment f the risk f material misstatement, the auditr shuld test the entity's fair value measurements and disclsures. Because f the wide range f pssible fair value measurements, frm relatively simple t cmplex, and the varying levels f risk f material misstatement assciated with the prcess fr determining fair values, the auditr's planned audit prcedures can vary significantly in nature, timing, and extent. Fr example, substantive tests f the fair value measurements may invlve (a) testing management's significant assumptins, the valuatin mdel, and the underlying data (see paragraphs.26 thrugh.39), (b) develping independent fair value estimates fr crrbrative purpses (see paragraph.40), r (c) reviewing subsequent events and transactins (see paragraphs.41 and.42). Issuer J

54 Page D-11 AU 328, Auditing Fair Value Measurements and Disclsures Testing Management's Significant Assumptins, the Valuatin Mdel, and the Underlying Data AU The auditr's understanding f the reliability f the prcess used by management t determine fair value is an imprtant element in supprt f the resulting amunts and therefre affects the nature, timing, and extent f audit prcedures. When testing the entity's fair value measurements and disclsures, the auditr evaluates whether: Issuers A, B, C, D, E, G, H, I, and L a. Management's assumptins are reasnable and reflect, r are nt incnsistent with, market infrmatin (see paragraph.06). b. The fair value measurement was determined using an apprpriate mdel, if applicable. c. Management used relevant infrmatin that was reasnably available at the time. AU Where applicable, the auditr shuld evaluate whether the significant assumptins used by management in measuring fair value, taken individually and as a whle, prvide a reasnable basis fr the fair value measurements and disclsures in the entity's financial statements. Issuers A, B, C, D, E, G, H, I, and L AU Assumptins rdinarily are supprted by differing types f evidence frm internal and external surces that prvide bjective supprt fr the assumptins used. The auditr evaluates the surce and reliability f evidence supprting management's assumptins, including cnsideratin f the assumptins in light f histrical and market infrmatin. Issuers A, B, C, E, G, H, and L AU T be reasnable, the assumptins n which the fair value measurements are based (fr example, the discunt rate used in calculating the present value f future cash flws), fn 5 individually and taken as a whle, need t be realistic and cnsistent with: Issuers A, C, and H a. The general ecnmic envirnment, the ecnmic envirnment f the specific industry, and the entity's ecnmic circumstances; b. Existing market infrmatin;

55 Page D-12 AU 328, Auditing Fair Value Measurements and Disclsures c. The plans f the entity, including what management expects will be the utcme f specific bjectives and strategies; d. Assumptins made in prir perids, if apprpriate; e. Past experience f, r previus cnditins experienced by, the entity t the extent currently applicable; f. Other matters relating t the financial statements, fr example, assumptins used by management in accunting estimates fr financial statement accunts ther than thse relating t fair value measurements and disclsures; and g. The risk assciated with cash flws, if applicable, including the ptential variability in the amunt and timing f the cash flws and the related effect n the discunt rate. Where assumptins are reflective f management's intent and ability t carry ut specific curses f actin, the auditr cnsiders whether they are cnsistent with the entity's plans and past experience. Ftnte t AU fn 5 The auditr als shuld cnsider requirements f GAAP that may influence the selectin f assumptins (see FASB Cncepts Statement N. 7). AU The auditr shuld test the data used t develp the fair value measurements and disclsures and evaluate whether the fair value measurements have been prperly determined frm such data and management's assumptins. Specifically, the auditr evaluates whether the data n which the fair value measurements are based, including the data used in the wrk f a specialist, is accurate, cmplete, and relevant; and whether fair value measurements have been prperly determined using such data and management's assumptins. The auditr's tests als may include, fr example, prcedures such as verifying the surce f the data, mathematical recmputatin f inputs, and reviewing f infrmatin fr internal cnsistency, including whether such infrmatin is cnsistent with management's intent and ability t carry ut specific curses f actin discussed in paragraph.17. Issuers B, E, I, and K

56 Page D-13 AU 331, Inventries Inventries AU In recent years, sme cmpanies have develped inventry cntrls r methds f determining inventries, including statistical sampling, which are highly effective in determining inventry quantities and which are sufficiently reliable t make unnecessary an annual physical cunt f each item f inventry. In such circumstances, the independent auditr must satisfy himself that the client's prcedures r methds are sufficiently reliable t prduce results substantially the same as thse which wuld be btained by a cunt f all items each year. The auditr must be present t bserve such cunts as he deems necessary and must satisfy himself as t the effectiveness f the cunting prcedures used. If statistical sampling methds are used by the client in the taking f the physical inventry, the auditr must be satisfied that the sampling plan is reasnable and statistically valid, that it has been prperly applied, and that the results are reasnable in the circumstances. [Revised, June 1981, t reflect cnfrming changes necessary due t the issuance f Statement n Auditing Standards N. 39.] Issuer M Inventries Held in Public Warehuses fn3 AU If inventries are in the hands f public warehuses r ther utside custdians, the auditr rdinarily wuld btain direct cnfirmatin in writing frm the custdian. If such inventries represent a significant prprtin f current r ttal assets, t btain reasnable assurance with respect t their existence, the auditr shuld apply ne r mre f the fllwing prcedures as he cnsiders necessary in the circumstances. a. Test the wner's prcedures fr investigating the warehuseman and evaluating the warehuseman's perfrmance. b. Obtain an independent accuntant's reprt n the warehuseman's cntrl prcedures relevant t custdy f gds and, if applicable, pledging f receipts, r apply alternative prcedures at the warehuse t gain reasnable assurance that infrmatin received frm the warehuseman is reliable. c. Observe physical cunts f the gds, if practicable and reasnable. Issuer M

57 Page D-14 AU 331, Inventries d. If warehuse receipts have been pledged as cllateral, cnfirm with lenders pertinent details f the pledged receipts (n a test basis, if apprpriate). Ftnte t AU 331 fn 3 See sectin 901 fr Special Reprt f Cmmittee n Auditing Prcedure. AU 342, Auditing Accunting Estimates Evaluating Estimates Evaluating Reasnableness AU Accunting Review and test management's prcess. In many situatins, the auditr assesses the reasnableness f an accunting estimate by perfrming prcedures t test the prcess used by management t make the estimate. The fllwing are prcedures the auditr may cnsider perfrming when using this apprach: Issuers A, F, G, and N a. Identify whether there are cntrls ver the preparatin f accunting estimates and supprting data that may be useful in the evaluatin. b. Identify the surces f data and factrs that management used in frming the assumptins, and cnsider whether such data and factrs are relevant, reliable, and sufficient fr the purpse based n infrmatin gathered in ther audit tests. c. Cnsider whether there are additinal key factrs r alternative assumptins abut the factrs. d. Evaluate whether the assumptins are cnsistent with each ther, the supprting data, relevant histrical data, and industry data. e. Analyze histrical data used in develping the assumptins t assess whether the data is cmparable and cnsistent with data f the perid under audit, and cnsider whether such

58 Page D-15 AU 342, Auditing Accunting Estimates data is sufficiently reliable fr the purpse. f. Cnsider whether changes in the business r industry may cause ther factrs t becme significant t the assumptins. g. Review available dcumentatin f the assumptins used in develping the accunting estimates and inquire abut any ther plans, gals, and bjectives f the entity, as well as cnsider their relatinship t the assumptins. h. Cnsider using the wrk f a specialist regarding certain assumptins (sectin 336, Using the Wrk f a Specialist). i. Test the calculatins used by management t translate the assumptins and key factrs int the accunting estimate. AU 350, Audit Sampling Sampling In Substantive Tests Of Details Planning Samples AU When planning a particular sample, the auditr shuld cnsider the specific audit bjective t be achieved and shuld determine that the audit prcedure, r cmbinatin f prcedures, t be applied will achieve that bjective. The auditr shuld determine that the ppulatin frm which he draws the sample is apprpriate fr the specific audit bjective. Fr example, an auditr wuld nt be able t detect understatements f an accunt due t mitted items by sampling the recrded items. An apprpriate sampling plan fr detecting such understatements wuld invlve selecting frm a surce in which the mitted items are included. T illustrate, subsequent cash disbursements might be sampled t test recrded accunts payable fr understatement because f mitted purchases, r shipping dcuments might be sampled fr understatement f sales due t shipments made but nt recrded as sales. Issuer P AU The secnd standard f field wrk states, "A sufficient understanding f the internal cntrl structure is t be btained t plan the audit and t determine the nature, timing, and extent f tests t be perfrmed." After assessing and cnsidering the levels f inherent and cntrl risks, the Issuers B, F, and P

59 Page D-16 AU 350, Audit Sampling auditr perfrms substantive tests t restrict detectin risk t an acceptable level. As the assessed levels f inherent risk, cntrl risk, and detectin risk fr ther substantive prcedures directed tward the same specific audit bjective decreases, the auditr's allwable risk f incrrect acceptance fr the substantive tests f details increases and, thus, the smaller the required sample size fr the substantive tests f details. Fr example, if inherent and cntrl risks are assessed at the maximum, and n ther substantive tests directed tward the same specific audit bjectives are perfrmed, the auditr shuld allw fr a lw risk f incrrect acceptance fr the substantive tests f details. fn 3 Thus, the auditr wuld select a larger sample size fr the tests f details than if he allwed a higher risk f incrrect acceptance. Ftnte t AU fn 3 Sme auditrs prefer t think f risk levels in quantitative terms. Fr example, in the circumstances described, an auditr might think in terms f a 5 percent risk f incrrect acceptance fr the substantive test f details. Risk levels used in sampling applicatins in ther fields are nt necessarily relevant in determining apprpriate levels fr applicatins in auditing because an audit includes many interrelated tests and surces f evidence. AU T determine the number f items t be selected in a sample fr a particular substantive test f details, the auditr shuld take int accunt tlerable misstatement fr the ppulatin; the allwable risk f incrrect acceptance (based n the assessments f inherent risk, cntrl risk, and the detectin risk related t the substantive analytical prcedures r ther relevant substantive tests); and the characteristics f the ppulatin, including the expected size and frequency f misstatements. Issuers B, F, and P AU A Table 1 f the Appendix describes the effects f the factrs discussed in the preceding paragraph n sample sizes in a statistical r nnstatistical sampling apprach. When circumstances are similar, the effect n sample size f thse factrs shuld be similar regardless f whether a statistical r nnstatistical apprach is used. Thus, when a nnstatistical sampling apprach is applied prperly, the resulting sample size rdinarily will be cmparable t, r larger than, the sample size resulting frm an efficient and effectively designed statistical sample. Issuers B, F, and P

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