[bigbuk]

Ill keep the short and sweet, im basically just trying to confirm points i have taken away from studying that give me some trouble;

Do only issuers (PCAOB) have to audit internal control? and if they are an issuer and IC is not reliable (control risk at max) or IT is redundant in another department, they do not have to audit IC correct? When Control Risk is at max, you do not use test of controls.. Test of controls are: Inquiry, observation, inspection, and reperformance? I get slightly confused when they use the terms of test of controls and the hierarchy of evidence terms: auditors knowledge, external, internal, oral and the tracing and vouching of evidence/mgt assertions. Any clarification here would be huge!

Integrated Audits must be performed with all issuers; an audit of both financial statements and mgt’s assessment of IC. Non- issuers are not required to performed integrated audit but it is recommended.

Lastly, and information on Quality (peer) reviews would be great since i saw a lot of questions on my test involving that, and considered it a really minute section and didn’t retain much from it.

Thanks!