Javier is an experienced, second year staff at a mid-sized CPA firm who has only worked on audits of large, privately held companies. His firm recently won a proposal for the year-end audit of a small, publicly traded company. Javier’s evaluations have indicated that he is a hard worker and value-added team player. The audit partner tells the human resources schedule to assign Javier to the audit team of the new public company engagement. Javier finds out that his first task is to work on the audit of the internal controls over financial reporting (ICFR). Javier is excited because he knows that the opportunity to gain experience on a public client is good. However, he has only performed financial statement audits and is apprehensive about his lack of experience.
How can Javier apply the components of the formal definition of auditing to the audit of ICFR?