To prepare the report, the board reviewed the audit and quality-control deficiencies identified in 497 inspections of "triennial firms" conducted between 2004 and 2006. The report is a requirement under the board's Rule 4010 and does not identify any firms.

"The board wants to share this summary information with audit firms to assist them in improving or maintaining the quality of their work," said PCAOB Chairman Mark Olson.  

The 11 areas where auditing or quality-control deficiencies were observed are:

• Revenue
• Related-Party Transactions
• Equity Transactions
• Business Combinations and Impairment of Assets
• Going-Concern Considerations
• Loans and Accounts Receivable (including allowance accounts)
• Service Organizations
• Use of Other Auditors
• Use of the Work of Specialists
• Independence
  • Prohibited Non-Audit Services
  • Indemnification
  • Firm Independence Policies and Procedures and Independence Confirmation with Audit Committees
• Concurring Partner Review

The 20-page report is titled The PCAOB's 2004, 2005, and 2006 Inspections of Domestic Triennially Inspected Firms (PDF).