Final answer:
A PCAOB engagement focused on a selected quality control issue is known as an inspection. These inspections analyze compliance with auditing standards and aim to ensure high audit quality and public interest.
Step-by-step explanation:
A PCAOB engagement focused on a selected quality control issue is referred to as an inspection. The Public Company Accounting Oversight Board (PCAOB) conducts these inspections to assess the compliance of auditing firms with relevant standards and regulations. These inspections are critical in ensuring that firms are upholding the highest standards of audit quality and public interest. They typically involve a detailed review of certain audits performed by the firm and may also include an evaluation of the firm's quality control systems.