An integrated audit refers to _______.
A)integrating the opinion of the prior auditor into the current year audit
B)allowing the firm's legal counsel to amend the audit report as they see fit
C)performing the financial statement audit and the audit of the effectiveness of internal control over financial reporting (ICFR) at the same time
D)only auditing the financial statements, with no procedures extended to the system of internal control

Question

Quizplus · Accepted Answer

An integrated audit refers to performing the financial statement audit and the audit of the effectiveness of internal control over financial reporting (ICFR) at the same time. This approach allows the auditor to provide an opinion on both the financial statements and the effectiveness of the company's internal control over financial reporting in a single audit. It is required for public companies under the Sarbanes-Oxley Act. Therefore, choice C is the correct answer. Choices A, B, and D do not accurately describe an integrated audit.

An Integrated Audit Refers to _______