Integrated Audits
Auditing Financial Statements and Internal Control Together
An integrated audit combines an audit of the financial statements with an audit of internal control over financial reporting (ICFR). Public companies subject to PCAOB standards often require integrated audits.
Tip
Integrated audits produce two opinions: one on the financial statements and one on internal control over financial reporting.
Summary
Integrated audits evaluate both financial reporting and the effectiveness of internal controls.