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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 119 / 352

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© D.L. Crumbley

Assessment of Internal Controls

The PCAOB believes that an attestation is an expert’s communication of a conclusion about the reliability of someone else’s assertion (e.g., a financial statement audit is a form of attestation).

S-O Act Section 404(b) states that an auditor’s attestation of management’s assessment of internal controls is not a separate engagement. Instead, PCAOB states that an “integrated audit results in two audit opinions: one on internal control over financial reporting and one on the financial statements.”

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PCAOB 2004 budget: $103 million.

Source: PCAOB Briefing Paper, Proposed Auditing Standards, October 7, 2003.

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