8. Which of the following is not a valid compa rison of tests of controls perfor

Question

8. Which of the following is not a valid compa rison of tests of controls performed in the audit of (integrated audit) and those performed in the audit of financial statements (financial audit)? a. Both an integrated audit and a financial audit are required to obtain audit evidence. b. Both an integrated audit and a financial audit are req controls c. Both an integrated audit and a financial audit communicate control weaknesses to the uired to determine the sample size to test management and audit committee in writing. d. Both an integrated audit and a financial audit obtain a written management representation from management related to the audit of ICFR.

Explanation / Answer

Correct Answer (C ) Both Integrated and Financial audit communicate control weaknesses to the management audit committee in writing.

Reason

Only Integrated audit communicates Control weakness to the management and audit committee in writing and financial audit is done to report on the financial data of company and whether they reflect true and correct position. Financial audit ensures that accounting standards are applied in preparation of financial statements.

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