IEEE1588 and the PTP Engine

Hi

I am trying to Understand the PTP engine correction mechanism  on SC58x Sharc DSP

Does the correction adjust the Oscillator, or only adjusts the time.

I want to see if its possible to use this PTP engine to sync the sport Audio clocks for AES67 (uses IEEE1588 ) Audio over IP system. 

Any insights on approach greatly appreciated.

Thanks

Brett