This report is part one of a two-part analysis of five prevalent accounting and auditing issues where certain accountants and practitioners fall short of meeting professional standards. Part 1 covers:
Failures to Confirm or Justify Not Confirming Accounts Receivable
Failures to Test the Reliability of Data Used in Analytical Procedures
Failure to Group Long-Lived Assets for Impairment Testing
Part 2 will be issued in March and will cover:
Failure by Non-Public Entities to Disaggregate Revenue
Failure to Prepare Sufficient Engagement