An "integrated audit" expresses an opinion on which of the following?
A) The company's internal controls.
B) The company's financial statements.
C) The company's compliance with its rules and policies.
D) Both A and B.

Question

Quizplus · Accepted Answer

An integrated audit combines an audit of the financial statements with an audit of internal control over financial reporting (ICFR). Therefore, an integrated audit expresses an opinion on both the company's financial statements and its internal controls. It does not express an opinion on the company's compliance with its rules and policies, although compliance with relevant laws and regulations is assessed as part of the audit of the financial statements.

An "Integrated Audit" Expresses an Opinion on Which of the Following