The five step process in the audit of ICFR includes
A) Form an opinion on the safeguarding of the entity's assets.
B) Identify controls to test using a top-down, risk-based approach.
C) Form an opinion on the fairness of the presentation of the financial statements.
D) Form an opinion on the effectiveness of internal controls in meeting operational goals.

Question

Quizplus · Accepted Answer

The five step process in the audit of ICFR includes identifying controls to test using a top-down, risk-based approach. The other options refer to the audit of financial statements or safeguarding of assets, which may be relevant to an audit but are not specific to ICFR.

The Five Step Process in the Audit of ICFR Includes