M2 Communicating and reporting in an integrated audit

Question 1

What should be the title for the integrated audit

Answer 1

Report of independent registered public accounting firm

Question 2

How should the opinion section start

Answer 2

In our opinion except for the effects

Question 3

What principles should the opinion state

Answer 3

GAAP

Question 4

What standards are referenced in the Basis

Answer 4

PCAOB

Question 5

What should the definition and limitations of internal control over financial reporting state

Answer 5

The process is designed to provide reasonable assurance in accordance with GAAP

Question 6

What should be stated in the Critical audit matters

Answer 6

a separate paragraph describing the departure from GAAP and defining material weakness along with any material weaknesses.

Question 7

When should control deficiencies be communicated to the audit committee of public and nonissuers

Answer 7

Issuers - made prior to the issuance of the auditors report
Nonissuers - within 60 days of the report release date

Question 9

In reporting on a nonissuer’s internal control over financial reporting, an auditor should include a paragraph that describes the:

Answer 9

Inherent limitations of any internal control.