In this lesson, Nick Palazzolo, CPA, delves into the specifics of reporting on internal control over financial reporting (ICFR). The lesson highlights the various elements that need to be included in an ICFR report, such as the auditor's opinion, basis for the opinion, management's responsibilities, auditor's responsibilities, and inherent limitations of internal control. Additionally, the lesson explains the purpose of each section and emphasizes the need for reasonable assurance, as well as acknowledging the inherent limitations within the control environment. Finally, the lesson discusses the options for issuing separate reports on ICFR and the financial statement audit, and the choices available to auditors in presenting their findings.
Lesson: Reporting on Internal Control Over Financial Reporting
In this lesson, Nick Palazzolo, CPA, delves into the specifics of reporting on internal control over financial reporting (ICFR). The lesson highlights the various elements that need to be included in an ICFR report, such as the auditor's opinion, basis for the opinion, management's responsibilities, auditor's responsibilities, and inherent limitations of internal control. Additionally, the lesson explains the purpose of each section and emphasizes the need for reasonable assurance, as well as acknowledging the inherent limitations within the control environment. Finally, the lesson discusses the options for issuing separate reports on ICFR and the financial statement audit, and the choices available to auditors in presenting their findings.
Updated: June 22, 2023 Create an account