Accounting firm Clifton Gunderson said it has achieved the highest marks possible in its first inspection by the Public Company Accounting Oversight Board.

The report identified no deficiencies based on the review of audit engagements and the firm's quality control system. PCAOB inspections are required for accounting firms registered with the board and are used to assess compliance with the Sarbanes-Oxley Act of 2002, in addition to SEC rules.

"We believe the PCAOB's inspection process enhances our ability to evaluate the quality of the audits we perform and improve that quality," said Anita Ford, director of assurance services at Clifton Gunderson, in a statement.

The report was issued on March 20, 2008, and applies to inspections conducted by the PCAOB inspection team between Aug. 13, 2007, and Aug. 17, 2007.

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