The Objective of an Integrated Audit Is to Report on ICFR

question 55

Multiple Choice

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

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Definitions:

Sickles

Hand-held agricultural tools with a curved blade for cutting grass or harvesting crops, widely used in farming for centuries.

Neolithic Revolution

A period marked by the transition from nomadic hunting and gathering to settled agriculture and community living, leading to significant societal changes.

Fertility Rates

The average number of children born to a woman over her lifetime within a specific population.

Sedentism

The practice of living in one place for a long time, as opposed to nomadic lifestyles which involve moving frequently.