Provide two opinions for public companies

Reference no: EM133608494

Question: When SOX was being enacted, considerable debate was held about whether the same independent audit firm that opines on a public company's financial statements or a different independent audit firm, i.e., one that is not opining on the public company's financial statements, should be the one that provides an audit of that public company's internal controls over financial reporting (ICFR). In the end, regulators and standard setters chose to require one integrated audit such that the same independent audit firm provides two opinions for public companies: one covering the ICFR and one covering the financial statements. Yet, there are some plausible disadvantages of an integrated audit as compared to having two separate audits

Reference no: EM133608494

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