An integrated audit is defined as _______.
A)an audit of a client's financial statements
B)an audit of a client's system of internal control
C)performing the financial statement audit and the audit of the effectiveness of internal control over financial reporting (ICFR) at the same time
D)both the external and internal auditors performing the financial statement audit

Question

Quizplus · Accepted Answer

An integrated audit refers to the financial statement audit and the audit of effectiveness of internal control over financial reporting (ICFR) performed at the same time. It aims to determine whether the financial statements are accurate and reliable and whether the internal control system is effective in ensuring relevant financial information is reported accurately. Therefore, choice C is the most appropriate answer. Choices A, B, and D do not fully define an integrated audit.

An Integrated Audit Is Defined as _______