In short
An integrated audit combines an audit of a public company's financial statements with an audit of its internal control over financial reporting, under Public Company Accounting Oversight Board (PCAOB) standards.
Key takeaways
- It is required for accelerated and large accelerated filers under Section 404(b) of the Sarbanes-Oxley Act.
- The auditor uses a top-down approach, starting with entity-level controls.
- Any material weakness leads to an adverse opinion on internal control.
Where it's tested
AUD: Understanding the Entity & Internal Control — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
In a financial statement audit of a nonissuer, which of the following is required in every audit?