The Public Company Accounting Oversight Board has released a report discussing 11 problem areas (significant or frequent deficiencies) found during its inspections of firms that audit no more than 100 public "issuers" as defined in the Sarbanes Oxley Act of 2002.  While the report may not apply directly to many NSAC members, it is concise and reading it may help firms that audit cooperatives and cooperatives themselves identify areas where they should strive to ensure compliance with applicable standards and improve their internal quality control.

The report is posted at http://www.pcaob.org/Inspections/Other/2007/10-22_4010_Report.pdf .