In an audit report on the effectiveness of ICFR for a public company, the scope paragraph mentions that auditors are only required to obtain reasonable assurance about whether the company maintained, in all material respects, effective ICFR.

Question

Quizplus · Accepted Answer

This is correct according to the PCAOB Auditing Standard No. 5, which states that auditors are only required to obtain reasonable assurance about whether the company maintained, in all material respects, effective ICFR.

In an Audit Report on the Effectiveness of ICFR for a Public