Pass with deficiencies definition

Pass with deficiencies on a system review means the design of the firm’s system of quality control created a condition in which the firm did not have reasonable assurance of complying with professional standards or that the firm’s degree of compliance with its quality control policies and procedures did not provide it with reasonable assurance of complying with professional standards in all material respects with the exception of a certain deficiency or deficiencies that are described in the report. A pass with deficiencies report issued due to scope limitations specifically related to compilations would not be considered deficient for the purposes pursuant to these rules. Pass with deficiencies on an engagement review means that nothing came to the attention of the reviewer that caused him/her to believe on the engagements submitted for review that the firm did not comply with professional standards except for the deficiencies that are described in the report.

Pass with deficiencies means that the report contains more serious deficiencies, such as departures from the technical reporting or accounting standards set forth in Board Rule 8, but of the type that will not render the statement materially inaccurate or misleading.

Pass with deficiencies on a system review means the design of the firm’s

Examples of Pass with deficiencies in a sentence

• Pass with deficiencies on a system review - the design of the firm’s system of quality control created a condition in which the firm did not have reasonable assurance of complying with professional standards or that the firm’s degree of compliance with its quality control policies and procedures did not provide it with reasonable assurance of complying with professional standards in all material respects with the exception of a certain deficiency or deficiencies that are described in the report.

• Pass with deficiencies on an engagement review means that nothing came to the attention of the reviewer that caused him/her to believe on the engagements submitted for review that the firm did not comply with professional standards except for the deficiencies that are described in the report.

• Pass with deficiencies is generally synonymous with what was referred to in past guides as a modified opinion.

• The notification will instruct the licensee who has received a fail classification to reply to the Board in writing within 30 days.(b) Pass with deficiencies Classification.

• Engagement peer review report rating of 'Pass with deficiencies'" means except for the deficiencies described in the report, nothing came to the reviewer's attention that caused him/her to believe the engagements submitted for review by the review practice unit firm for the peer review year ended were not performed and reported on in conformity with applicable professional standards in all material respects.

• WASHINGTON ST STE 308MONROE, LA 71201-6761Dear Rosie Harper:On December 03, 2018, the Louisiana Peer Review Committee discussed the report on the most recent System Reviewof your firm and your firm’s response thereto.As you know, the report had a peer review rating of Pass with deficiencies.

• Yes No Opinion rendered* Unmodified Modified or Pass Pass with deficiencies Fail*Please forward report, letter of comments or deficiencies and firm's response.

• Pass with deficiencies'" means except for the deficiencies described in the report, nothing came to the reviewer's attention that caused him/her to believe the engagements submitted for review by the review firm for the peer review year ended were not performed and reported on in conformity with applicable professional standards in all material respects.

• Peer Review Rating receivedPass with no deficiencies = 5 Pass with deficiencies = 3 Fail = 0 If peer review rating is FAIL, STOP HERE.

• Pass with deficiencies'" means that except for the deficiencies described in the report, the system of quality control for the accounting and auditing practice of the reviewed firm, in effect for the year most recently ended, has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects.

More Definitions of Pass with deficiencies

Pass with deficiencies on a system review means the design of the firm’s system of quality control created a condition in which the firm did not have reasonable assurance of complying with professional standards or that the firm’s degree of compliance with its quality control policies and procedures did not provide it with reasonable assurance of complying with professional standards in all material respects with the exception of a certain deficiency or deficiencies that are described in the report. A pass with deficiencies report issued due to scope

Pass with deficiencies on a system review means the design of the firm’s system of quality control for the accounting and auditing practice has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects with the exception of a certain deficiency or deficiencies that are described in the report. Pass with deficiencies on an engagement review means that nothing came to the attention of the reviewer that caused him/her to believe that the engagements submitted for review were not performed and reported on in conformity with applicable professional standards in all material respects except for the deficiencies that are described in the report. A pass with deficiencies report with deficiencies related specifically to compilations would not be considered deficient for the purposes pursuant to these rules.

Pass with deficiencies on a system review means the design of the firm’s system of quality control created a condition in which the firm did not have reasonable assurance of complying with professional standards or that the firm’s degree of compliance with its quality control policies and procedures did not