An auditor performing an audit of internal control over financial reporting would be required to
A) Rely on the work of internal auditors.
B) Test all of the entity's internal controls.
C) Form an opinion on the effectiveness of internal control.
D) Randomly identify accounts for an audit of internal control.

Question

Quizplus · Accepted Answer

According to the PCAOB's Auditing Standard No. 5, the auditor is required to form an opinion on the effectiveness of internal control over financial reporting based on the auditor's evaluation of the design and operating effectiveness of internal control. The auditor is not required to test all of the entity's internal controls, rely on the work of internal auditors, or randomly select accounts for an audit of internal control.

An Auditor Performing an Audit of Internal Control Over Financial