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:

Mens Rea

A legal principle referring to the state of mind of a person who commits a crime, indicating intent or knowledge of wrongfulness.

Actus Reus

The physical act of committing a crime, as opposed to the mental intent (mens rea) to commit the act.

Mens Rea

A legal term referring to the intent or knowledge of wrongdoing that constitutes part of a crime.

Actus Reus

The physical act of committing a crime, as opposed to the mental intent to commit the crime.