An "integrated audit":
A)will, in most cases, lead to a substantive audit strategy.
B)denies the auditor access to information about the entity's controls.
C)may be performed by two separate audit firms.
D)is comprised of audits of internal control over financial reporting and of financial statements.

Question

Quizplus · Accepted Answer

An integrated audit involves both an audit of internal control over financial reporting (ICFR) and an audit of financial statements. The purpose is to assess the design and effectiveness of the entity's internal controls as they relate to financial reporting. This approach allows the auditor to test controls and substantive procedures simultaneously, providing a more efficient and effective audit. It is typically performed by the same audit firm, but not necessarily the same engagement team.

An "Integrated Audit