Auditors of public companies can perform a/an _______, which means performing the financial statement audit and the audit of the effectiveness of internal control over financial reporting (ICFR) at the same time.
A)integrated audit
B)internal audit
C)compliance audit
D)investigative audit

Question

Quizplus · Accepted Answer

An integrated audit includes both financial statement audit and the audit of internal control over financial reporting, which is required for all public companies by the Sarbanes-Oxley Act. Internal audit is a separate function within a company, focused on risk management and internal control rather than financial reporting. Compliance audits focus on ensuring adherence to laws and regulations, while investigative audits are conducted when there is suspicion of fraud or other illegal activities.

Auditors of Public Companies Can Perform A/an _______, Which Means