Question: In an integrated audit the auditor must issue an opinion
In an integrated audit the auditor must issue an opinion on ICFR effectiveness only at management’s report date which is typically at year end. Yet if ICFR is to be relied upon for the financial statement audit, the ICFR effectiveness must be tested for the entire year. Is long term debt an area for which the auditor of a public company might not rely on ICFR for the financial statement audit? Why or why not? How would the audit procedures be different under the different approaches to the audit?
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