Auditing standards do not allow private companies to have an audit of internal control over financial reporting integrated with the audit of their financial statements.

Question

Quizplus · Accepted Answer

Auditing standards do allow private companies to have an audit of internal control over financial reporting integrated with the audit of their financial statements. This integration is encouraged as it can result in greater efficiency and effectiveness of the audit process. However, it is not required and companies may choose to have separate audits for internal control and financial statements if they wish.

Auditing Standards Do Not Allow Private Companies to Have an Audit