AUD Integrated Audit · Updated November 2026
Integrated Audit: Why Are There Two Opinions?
An integrated audit has two related objectives: financial statement fairness and effectiveness of internal control over financial reporting.
Financial statement opinion
Asks whether the financial statements are materially presented in accordance with the applicable framework.
ICFR opinion
Asks whether the company maintained effective internal control over financial reporting as of the applicable date.
Material weakness
A material weakness can prevent an unqualified ICFR opinion even when the financial statements ultimately receive an unmodified opinion.
Shared evidence
Control testing affects financial-statement risk assessment and substantive procedures, so the work is coordinated.
The takeaway
Integrated audit means two related audit objectives, not one combined conclusion.
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FAQ
Can financial statements be fairly stated when ICFR has a material weakness?
Yes.
Does an integrated audit include control testing?
Yes.
Is ICFR every operational control?
No.