INTERNAL CONTROL RPT 2 NCEN_811-09729_82368582_0322.htm ishares33122ncen.htm - Generated by SEC Publisher for SEC Filing

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of iShares Trust and Shareholders of

iShares Asia 50 ETF, iShares Biotechnology ETF, iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF, iShares Currency Hedged JPX-Nikkei 400 ETF, iShares Emerging Markets Infrastructure ETF, iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF, iShares ESG Screened S&P Small-Cap ETF, iShares Europe ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares Factors US Growth Style ETF, iShares Factors US Value Style ETF, iShares Focused Value Factor ETF, iShares Global 100 ETF, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Infrastructure ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares India 50 ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF, iShares JPX-Nikkei 400 ETF, iShares Latin America 40 ETF, iShares Micro-Cap ETF, iShares Mortgage Real Estate ETF, iShares North American Natural Resources ETF, iShares North American Tech-Multimedia Networking ETF, iShares Preferred and Income Securities ETF, iShares Residential and Multisector Real Estate ETF, iShares Russell 1000 ETF, iShares Russell 1000 Growth ETF, iShares Russell 1000 Value ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF, iShares Russell 2000 Value ETF, iShares Russell 2500 ETF, iShares Russell 3000 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap Value ETF, iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF, iShares Russell Top 200 Value ETF, iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF, iShares S&P Small-Cap 600 Value ETF, iShares Semiconductor ETF, iShares U.S. Aerospace & Defense ETF, iShares U.S. Broker-Dealers & Securities Exchanges ETF, iShares U.S. Healthcare Providers ETF, iShares U.S. Home Construction ETF, iShares U.S. Infrastructure ETF, iShares U.S. Insurance ETF, iShares U.S. Medical Devices ETF, iShares U.S. Oil & Gas Exploration & Production ETF, iShares U.S. Oil Equipment & Services ETF, iShares U.S. Pharmaceuticals ETF, iShares U.S. Real Estate ETF, iShares U.S. Regional Banks ETF, iShares U.S. Telecommunications ETF and iShares US Small Cap Value Factor ETF

 

In planning and performing our audits of the financial statements of the funds listed in Appendix A, (hereafter referred to as the “Funds”) as of and for the years ended March 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

 

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. 

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of March 31, 2022.

 

This report is intended solely for the information and use of the Board of Trustees of iShares Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

 

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 24, 2022

 

 

Appendix A

 

iShares Trust

  1. iShares Asia 50 ETF
  2. iShares Biotechnology ETF
  3. iShares Core S&P 500 ETF
  4. iShares Core S&P Mid-Cap ETF
  5. iShares Core S&P Small-Cap ETF
  6. iShares Core S&P Total U.S. Stock Market ETF
  7. iShares Core S&P U.S. Growth ETF
  8. iShares Core S&P U.S. Value ETF
  9. iShares Currency Hedged JPX-Nikkei 400 ETF
  10. iShares Emerging Markets Infrastructure ETF
  11. iShares ESG Screened S&P 500 ETF
  12. iShares ESG Screened S&P Mid-Cap ETF
  13. iShares ESG Screened S&P Small-Cap ETF
  14. iShares Europe ETF
  15. iShares Expanded Tech Sector ETF
  16. iShares Expanded Tech-Software Sector ETF
  17. iShares Factors US Growth Style ETF
  18. iShares Factors US Value Style ETF
  19. iShares Focused Value Factor ETF
  20. iShares Global 100 ETF
  21. iShares Global Comm Services ETF
  22. iShares Global Consumer Discretionary ETF
  23. iShares Global Consumer Staples ETF
  24. iShares Global Energy ETF
  25. iShares Global Financials ETF
  26. iShares Global Healthcare ETF
  27. iShares Global Industrials ETF
  28. iShares Global Infrastructure ETF
  29. iShares Global Materials ETF
  30. iShares Global Tech ETF
  31. iShares Global Timber & Forestry ETF
  32. iShares Global Utilities ETF
  33. iShares India 50 ETF
  34. iShares International Developed Property ETF
  35. iShares International Developed Small Cap Value Factor ETF
  36. iShares International Dividend Growth ETF
  37. iShares JPX-Nikkei 400 ETF
  38. iShares Latin America 40 ETF
  39. iShares Micro-Cap ETF
  40. iShares Mortgage Real Estate ETF
  41. iShares North American Natural Resources ETF
  42. iShares North American Tech-Multimedia Networking ETF
  43. iShares Preferred and Income Securities ETF
  44. iShares Residential and Multisector Real Estate ETF
  45. iShares Russell 1000 ETF
  46. iShares Russell 1000 Growth ETF
  47. iShares Russell 1000 Value ETF
  48. iShares Russell 2000 ETF
  49. iShares Russell 2000 Growth ETF
  50. iShares Russell 2000 Value ETF
  51. iShares Russell 2500 ETF
  52. iShares Russell 3000 ETF
  53. iShares Russell Mid-Cap ETF
  54. iShares Russell Mid-Cap Growth ETF
  55. iShares Russell Mid-Cap Value ETF
  56. iShares Russell Top 200 ETF
  57. iShares Russell Top 200 Growth ETF
  58. iShares Russell Top 200 Value ETF
  59. iShares S&P 100 ETF
  60. iShares S&P 500 Growth ETF
  61. iShares S&P 500 Value ETF
  62. iShares S&P Mid-Cap 400 Growth ETF
  63. iShares S&P Mid-Cap 400 Value ETF
  64. iShares S&P Small-Cap 600 Growth ETF
  65. iShares S&P Small-Cap 600 Value ETF
  66. iShares Semiconductor ETF
  67. iShares U.S. Aerospace & Defense ETF
  68. iShares U.S. Broker-Dealers & Securities Exchanges ETF
  69. iShares U.S. Healthcare Providers ETF
  70. iShares U.S. Home Construction ETF
  71. iShares U.S. Infrastructure ETF
  72. iShares U.S. Insurance ETF
  73. iShares U.S. Medical Devices ETF
  74. iShares U.S. Oil & Gas Exploration & Production ETF
  75. iShares U.S. Oil Equipment & Services ETF
  76. iShares U.S. Pharmaceuticals ETF
  77. iShares U.S. Real Estate ETF
  78. iShares U.S. Regional Banks ETF
  79. iShares U.S. Telecommunications ETF
  80. iShares US Small Cap Value Factor ETF