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:

Shale

A fine-grained sedimentary rock formed from clay and silt particles that tend to split along bedding planes.

Siltstone

A sedimentary rock composed mainly of silt-sized particles, formed by compaction and cementation of silt.

Shale

A fine-grained sedimentary rock formed from clay-sized particles that are compacted and often used as source rock for oil and gas.

Carbonate Rocks

Sedimentary rocks primarily composed of carbonate minerals, such as limestone and dolomite, often formed in marine environments.