The document discusses conducting a PHP code audit. It outlines steps like interviewing developers, performing black box testing, and conducting an open code audit. When auditing code, the speaker searches for injections like SQL, PHP, and HTML injections. Variables used in includes are reviewed, as are comments, variables, functions, and conditions. Register_globals is identified as a risk that can be emulated. The report would provide an executive summary, problems summary, and details on vulnerabilities found. Community involvement and continuous auditing are recommended for security.