A report on internal control performed in accordance with PCAOB Standard No.5 includes an opinion on internal control for:
A)The entire year.
B)The prior quarter.
C)The "as-of date."
D)The end of each quarter.

Question

Quizplus · Accepted Answer

The opinion on internal control performed in accordance with PCAOB Standard No.5 is based on an evaluation of internal control as of a specific "as-of date." This date is usually the end of the fiscal year for which the opinion is being provided. Therefore, the best choice is option C, which correctly identifies the "as-of date" as the focus of the internal control opinion.

A Report on Internal Control Performed in Accordance with PCAOB