An "integrated audit"
A) Will, in most cases, lead to a substantive audit strategy.
B) Denies the auditor access to information about the client's controls.
C) May be performed by two separate audit firms.
D) Is comprised of audits of internal control over financial reporting and of financial statements.

Question

Quizplus · Accepted Answer

An integrated audit is comprised of audits of internal control over financial reporting (ICFR) and financial statements. Therefore, option D is the correct choice. Option A is incorrect because an integrated audit includes testing of controls and may also include substantive testing, depending on the results of control testing. Option B is incorrect because an integrated audit includes testing of controls. Option C is incorrect because an integrated audit is typically performed by the same audit firm.

An "Integrated Audit