A PCAOB inspection is designed to assess the firm’s compliance with PCAOB standards and rules, and other applicable regulatory and professional requirements in the firm’s system of quality control and in the portions of audits selected for inspection. Inspections do not involve a review of all aspects of a firm’s quality control system. Inspections also do not involve a review of all of the firm's audits, nor are they designed to identify every deficiency in the reviewed audits.
A PCAOB inspection results in an inspection report. A PCAOB inspection report is not intended to serve as a balanced report card or overall rating tool. Nothing in Part I of an inspection report should be interpreted to imply the Board has reached a conclusion about a firm’s quality control policies, procedures, or practices.
A PCAOB inspection report should not be understood to provide any assurance that a firm's audit work, or the relevant issuers’ financial statements or reporting on internal control over financial reporting (“ICFR”), are free of any deficiencies not specifically described in an inspection report.