The objective of an integrated audit is to report on ICFR and the financial statements of a public company. How does an auditor express these two opinions?
A) Issue a single report to include both opinions.
B) Issue two separate reports: one on ICFR and one on the financial statements.
C) Issue three separate reports: one on ICFR design effectiveness; one of ICFR operating effectiveness; and one on the financial statements.
D) Either a or b

Question

Quizplus · Accepted Answer

The auditor can choose to issue a single report that includes both opinions, or two separate reports: one on ICFR and one on the financial statements. Both options are acceptable under PCAOB standards, and the auditor can choose the approach that they believe will provide the most useful information to users of the audit report. Option C is incorrect because it suggests that the auditor would issue three separate reports, which is not a common approach for an integrated audit.

The Objective of an Integrated Audit Is to Report on ICFR