Identify the correct statement regarding integrated audits.

Multiple Choice

• Evaluation of internal controls is excluded when performing an integrated audit.

• The term "integrated audit" refers to the cooperation between internal and external auditors in preparing audited financial statements.

• The AICPA began requiring integrated audits in response to accounting scandals such as Enron.

• An integrated audit involves providing an opinion on the financial statements and the internal control effectiveness of a company.