[wvpv]

I’ve seen conflicting things regarding whether or not an opinion on effectiveness of Internal Control is required or not depending on which study materials I’ve been using.

I know that, formerly, only Issuers were required to issue both an opinion on the F/S and Internal Control. But I’ve also read that, as a result of some update (SAS? I forget…) that issuing an opinion for both F/S and I/C is required for both Issuers and Nonissuers.

So, does anybody know which it is, pertinent to the new Audit exam???

[Anonymous]

I just reviewed my book and might be wrong. I hate this crap. Ignore my prior post bc I don't know if it is right or not. Sorry.

[ThomasHallberg]

Issuers have to have an integrated audit (FS audit and Internal control over financial reporting audit). Non issuers are not required to have an internal control over financial reporting audit. However, they can if they want. This would be an Integrated audit of a non issuer.

[MaLoTu]

I have audit clients that are public and we do not opine on their IC. It depends on if they meet the threshold to need an internal control audit. I honk the threshold has to do with how many or the value of shares available for trade.

I am not sure how this applies to the exam, though.

[Author]

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