An integrated audit combines the audit of the financial statements and the internal controls of financial reporting. Please address the following topics:
- Describe the key points of an integrated audit.
- Outline the steps you would employ in an integrated audit, and provide examples of the key points utilized for each step.
- Sarbanes-Oxley requires the assessment of internal controls over financial reporting. If any weaknesses are identified, a report must be generated. Compare and contrast the 2 reports that indicate that there are weaknesses, and give the key points of each report.
- Discuss the different opinions that can result from an audit. Provide examples of each opinion.