Inspection Reports
PCAOB periodically issue Inspection Reports of registered public accounting firms. While a large part of such reports are made public, portions of an inspection report that deal with criticisms of, or potential defects in, the firm's quality control systems are not made public if the firm addresses those matters to the Board's satisfaction within 12 months after the report date. Those portions are made public, however, if (1) the Board determines that a firm's efforts to address the criticisms or potential defects were not satisfactory, or (2) the firm makes no submission evidencing any such efforts.
Read more about this topic: Public Company Accounting Oversight Board
Famous quotes containing the words inspection and/or reports:
“Thus the orb he roamed
With narrow search, and with inspection deep
Considered every creature, which of all
Most opportune might serve his wiles, and found
The serpent subtlest beast of all the field.”
—John Milton (1608–1674)
“The three-year-old who lies about taking a cookie isn’t really a “liar” after all. He simply can’t control his impulses. He then convinces himself of a new truth and, eager for your approval, reports the version that he knows will make you happy.”
—Cathy Rindner Tempelsman (20th century)