ICFR tests to provide evidence on whether the controls can be relied upon for the financial statement audit can be performed
A) only during year-end because they must be performed at the same time as financial statement audit procedures.
B) only during interim because they must be performed at the same time as financial statement audit procedures.
C) at any time the evidence is available, as long as the entire period of reliance is evaluated.
D) at any time after the substantive procedures have been completed, so that the opinion on financial statement misstatements is not superceded by the opinion on the effectiveness of controls.

Question

Quizplus · Accepted Answer

ICFR tests can be performed at any time as long as the entire period of reliance is evaluated. They do not necessarily need to be performed at the same time as financial statement audit procedures. However, the auditor should ensure that sufficient evidence is obtained to evaluate the effectiveness of the controls throughout the entire period of reliance. It is also important to note that ICFR testing should be performed before the end of the reporting period to allow time for any necessary remediation or additional testing.

ICFR Tests to Provide Evidence on Whether the Controls Can