Internal Controls audit Help!

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  • July 10, 2013 at 2:14 pm #178630
    Anonymous
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    I have a quick question as I am approach my first attempt at audit..

    If you are an issuer/nonissuer and doing an audit on ICs, you are not allowed to issue a qualified opinion. easy. However, if you are an ISSUER and doing and integrated audit, meaning you have to do two separate opinions, is the qualified opinion on IC allowed here?

    I am also unsure of what would limit scope under a nonissuer’s ICs, while doing an normal audit. Would a material weakness mean that there is a scope limitation and thus have you disclaim an opinion over the financial statements?

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