[smalltimeauditor]

I’m in A5 of Becker and I’m reading that you do issue an opinion on the effectiveness of the entity’s internal control over financial reporting. Now, I could’ve sworn that I’ve missed mcq’s because it said that we do not express an opinion on internal control. What am I missing? Is there something with similar wording that I’m confusing?

Thanks

B - Passed
A - Passed
R - Passed
F - Passed

[Anonymous]

It's specific.

You do express an opinion on internal controls when an auditor's examination deals with the effectiveness of internal control.

You do not express an opinion on internal controls while doing a FINANCIAL statements examination.

You also do not express an opinion on internal controls when attesting (specific procedures) on internal controls.

An auditor also has to test internal controls for ISSUERS (Public companies) no opinion though)

Governmental audits require a report on internal controls (Separate report or in one report) but no opinion.

It is totally confusing at first but once you realize what the question is asking, and I believe I got all the stuff with internal controls. Any takers?

[lyudainvegas]

Report on effectivness of internal control is required only for issues and Goverment audits during audit on F/S

Report on effectivness of internal control for non issuers is Attestetion and there is separate engagment for that from audit of F/S

[lyudainvegas]

You do express opinion on Attestation of internal control of non issuer

[Author]

Replies