I always tend to get confused on this topic but
1) For a integrated audit, an auditor tests on both the design and effectiveness of the internal controls over F/S and provides an opinion, but if it isn't an integrated audit, then an auditor is NOT required to test effectiveness and also doesn't provide an opinion.
2) For an integrated audit, is the I/C portion restricted? I remember reading somewhere that for one of the audits the I/C portion is restricted to certain parties, where another (audit on I/C?) there isn't a restriction.
Can someone just correct me on the statements and confirm? thanks! :)