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CMA Intermediate · Corporate Accounting and Auditing · Report on Internal Financial Control over Financial Reporting

Under the Guidance Note, the audit of internal financial controls over financial reporting should be conducted in an integrated manner with:

The audit of internal financial controls over financial reporting is carried out together with, and integrated into, the audit of the financial statements. The auditor plans and performs tests so that evidence supports both the opinion on controls and the opinion on the financial statements.

  1. AThe audit of the financial statementsCorrect
  2. BThe cost audit only
  3. CThe secretarial audit only
  4. DThe internal audit of non-financial areas

Explanation

The Guidance Note requires the IFCoFR audit to be integrated with the audit of the financial statements. Evidence from one supports conclusions on the other, and the auditor plans tests to serve both objectives. Cost and secretarial audits are separate engagements.

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