Lesson: Internal Control Audits

This lesson focuses on the objectives and specifics of internal control audits, aiming to obtain reasonable assurance about the presence of material weaknesses and the effectiveness of internal controls. The lesson covers the differences between material weaknesses and significant deficiencies, the written report expressing an opinion on the effectiveness of internal controls, and how to plan and perform an integrated audit to achieve the respective objectives simultaneously. The lesson also discusses the use of tests of controls and tests of details, as well as the importance of obtaining sufficient appropriate audit evidence to support the auditor's opinion. Finally, the lesson touches upon the connection between an internal control audit and a financial statement audit.