Select the items that best describe an "integrated audit."
A)integrated audits are performed on all companies issuing financial statements
B)under Sarbanes-Oxley,the auditor performs test of controls that the auditor plans to rely on
C)the documentation requirements are the same for stock issuers and non-issuers
D)the auditor provides an opinion on the effectiveness of internal controls over financial reporting
E)the auditor must test internal controls
F)both A and B
G)both C and D
H)Both D and E

Question

Quizplus · Accepted Answer

An integrated audit is an audit that includes both a financial statement audit and an audit of internal control over financial reporting (ICFR). Therefore, Choice D (the auditor provides an opinion on the effectiveness of internal controls over financial reporting) and Choice E (the auditor must test internal controls) are both key components of an integrated audit. Choices A, B, and C are not necessarily true for all integrated audits, as some companies may not be required to have an integrated audit, and the documentation requirements may differ for issuers and non-issuers.

Select the Items That Best Describe an "Integrated Audit