Under AS 5,the auditor's objective in an audit of internal control over financial reporting is to express an opinion on the effectiveness of the company's internal control over financial reporting.

Question

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This statement is true as per the requirement of Auditing Standard No. 5 (AS 5) issued by the Public Company Accounting Oversight Board (PCAOB), which sets forth the objective of the auditor in an audit of internal control over financial reporting (ICFR). The objective is to express an opinion on the effectiveness of the company's ICFR.

Under AS 5,the Auditor's Objective in an Audit of Internal