Based on PCAOB guidelines, the audit of ICFR and financial statements audit should be conducted as an "integrated audit."

Question

Quizplus · Accepted Answer

PCAOB guidelines require the audit of ICFR and financial statements to be conducted as an integrated audit, meaning the auditor should obtain an understanding of both the company's internal control over financial reporting and the financial statements in order to assess the risk of material misstatement and design appropriate audit procedures. Additionally, the auditor should provide an opinion on both the effectiveness of the company's internal control over financial reporting and the fairness of the financial statements.

Based on PCAOB Guidelines, the Audit of ICFR and Financial