The PCAOB issued a summary report "summarizing inspection observations of audits of financial institutions and other companies during the economic crisis." The report, released on September 29, 2010, is based on the Board's inspections of audits conducted during the inspection cycles from 2007 through 2009 on financial institutions and other companies that posed audit risks and other challenges in the credit and financial markets. PCAOB inspectors noted in particular that "there were instances where auditors sometimes failed to comply with PCAOB auditing standards in connection with audit areas that were significantly affected by the economic crisis, such as fair value measurements, impairment of goodwill, indefinite-lived intangible assets, and other long-lived assets, allowance for loan losses, off-balance sheet structures, revenue recognition, inventory, and income taxes," and they provide examples of some of the lapses observed. Based on the report, the Board will focus on firms' quality control systems and whether improvements to firms' quality control will have "reduced or eliminated subsequent occurrences of the kinds of deficiencies described in this report." News Release.