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An integrated audit
An integrated audit is not required by private corporations. The integrated audit is performed under PCAOB standards that govern public companies.
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Integrated audits are regulated by the:
Integrated audits are regulated under PCAOB standard number 5.
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As described by PCAOB auditing standard number 2, an effective internal control
According to PCAOB Accounting Standards: “Maintaining effective internal control over financial reporting means that no material weaknesses exist; therefore, the objective of the audit of internal control over financial reporting is to obtain reasonable assurance that no material weaknesses exist as of the date specified in management's assessment.”
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Of the following, which is true regarding PCAOB standards surrounding internal control?
PCAOB standards surrounding internal control apply only to audits of issuers.
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Each of the following types of controls is considered to be an entity-level control, except those:
Entity level controls include controls related to the control environment, the risk assessment process, and the policies over risk management policies. Controls regarding the company's annual shareholder meeting are controls related to a specific event rather than the entity as a whole.
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Internal control over financial reporting consists of which component?
The components not listed would include Information and communication and control environment. These 5 components make up ICFR.
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