Safety or code?
IMHO
If your are an electrical contractor then look to see if things 'work'. Safe.
If you are an electrical inspector then look for code compliance. Code.
Make sense?
Does this include smokes, lighting for egress, etc.?
Example: Ohio:
"For the purpose of this law, "practice of electrical inspection" includes any ascertainment of compliance with the Ohio building code, or the electrical code of a political subdivision of this state by a person, who, for compensation, inspects the construction and installation of electrical conductors, fittings, devices, and fixtures for light, heat or power services equipment, or the installation, alteration, replacement, maintenance, or repair of any electrical wiring and equipment that is subject to any of the aforementioned codes. (taken from ORC Chapter 3783.)"
I would stick to "the state of function, operation or relative hazards". In Ohio this does not fall under Chapter 3783. Board of Building Standards opinion.
You should check your state's laws and an attorney before performing this inspection.