What is an integrated audit?

What is an Integrated Audit? Assessing Internal Controls

An integrated audit incorporates the review of internal controls into the overall audit of the financial statements, which is now a requirement for public companies. Since the Sarbanes-Oxley Act came into effect, management is responsible for establishing, maintaining and reporting on an internal control structure and procedures for financial reporting, and auditors are required to asses this internal control structure.

What is the PCAOB?

What is the PCAOB? Auditing Standards & Inspection Reports

The Public Company Accounting Oversight Board (PCAOB) is a regulatory board reporting to the SEC who oversees the audits of public companies. Congress created the PCAOB in 2002 with the Sarbanes-Oxley Act (SOX) in response to a series of accounting scandals, notably Enron and Worldcom, to tighten controls on the auditing industry.