Results of review

(a) In the case of a permit holder which performed one or more audit engagements during the year under review, upon completion of the review, the reviewer shall issue a report which, at a minimum, shall consist of an opinion letter setting forth the scope of the quality review, including any limitations thereon; identifying the comprehensive set of standards under which the quality review was performed; stating an opinion on whether, during the year under review, the system of quality control for the accounting and auditing practice of the permit holder under quality review met the objectives of quality control standards generally recognized in the profession as authoritative, and whether that system of quality control was being complied with so as to provide the permit holder with reasonable assurance of conforming with professional standards. That opinion letter shall also describe the reason(s) for any modification, qualification or limitation of the opinion set forth in subsection (c) of this section. (b) In the case of a permit holder which performed no audit engagements, but did perform one or more compilation engagements or one or more review engagements during the year under review, upon completion of the quality review, the quality reviewer shall issue a report which, at minimum, consists of an opinion letter describing the limited scope of the quality review and disclaiming an opinion or any form of assurance about the permit holder's quality control policies and procedures for its accounting practice; identifying the comprehensive set of standards under which the quality review was conducted; stating whether anything came to the quality reviewer's attention that caused the quality reviewer to believe that the review or compilation reports submitted for quality review did not conform with the requirement of professional standards in all material respects; and, if applicable, that opinion letter shall describe the general nature of significant departures from professional standards disclosed by the quality review; and also, if the departures from professional standards disclosed by the quality review are sufficiently numerous or serious, the opinion letter shall set forth the quality reviewer's conclusion that the permit holder did not have reasonable assurance of conforming with professional standards in the conduct of its accounting practice during the year under review. (c) In the case of a permit holder which performed one or more audits during the year under review, an "unqualified" report shall be any report in which the quality reviewer expresses the opinion that the system of quality control for the accounting and auditing practice of the permit holder met the objectives of quality control stards generally recognized in the profession and was being complied with during the year reviewed so as to provide the permit holder with reasonable assurance of conforming with professional standards. (d) In the case of a permit holder which performed one or more audits during the year under review, any report which sets forth an opinion other than the opinion described in subsection (c) of this section or which qualifies, limits or changes that opinion shall be a "modified report." (e) In the case of a permit holder which performed no audit engagements, but did perform one or more review engagement or one or more compilation engagement during the year under review, an "unqualified" report shall be a report which states that nothing came to the quality reviewer's attention that caused the quality reviewer to believe that the review or compilation reports submitted for review did not conform with the requirements of professional standards in all material respects. (f) In the case of a permit holder which performed no audit engagements, but did perform one or more review engagements or one or more compilation engagements during the year under review, any report which sets forth a statement other than the one described in subsection (e) of this section or which limits, qualifies or changes that statement shall be a "modified" report. (g) The quality reviewer may also issue to the permit holder under review, if appropriate, a letter of comments suggesting any areas where improvement can be made. Said letter of comments shall not be filed with the Board. (h) The permit holder shall file the final opinion letter issued by the quality reviewer with the Board within thirty (30) days after the receipt of that report.