An "integrated audit" is defined as
A)an audit where an accounting firm issues an audit report on the internal controls and also gives an opinion on the financial statements
B)an audit where an accounting firm issues an audit report on the financial statements and also gives an opinion on internal controls
C)an audit where an accounting firm issues an audit report on the financial statements and also gives an opinion on the existence of the company's internal controls over financial reporting
D)an audit where an accounting firm issues an audit report on the financial statements and also gives an opinion on the effectiveness of the company's internal controls over financial reporting

Question

Quizplus · Accepted Answer

An "integrated audit" is an audit where an accounting firm issues an audit report on the financial statements and also gives an opinion on the effectiveness of the company's internal controls over financial reporting. This type of audit integrates the audit of financial statements and the audit of internal controls over financial reporting to provide a more comprehensive picture of the company's financial reporting process. Therefore, choice D is the correct answer.

An "Integrated Audit" Is Defined as