Question

Which section of the unqualified audit report on the effectiveness of ICFR would the following statement belong in: "We have audited the internal control over financial reporting of The Bread Company as of December 31, 2020 based on the criteria established in the Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission"

Answer 1

Answer: Opinion paragraph

Explanation:

ICFR simply refers to the controls that are designed specifically to address the risks that are related to financial reporting. The ICFR of a company provides assurance that the financial statement of a company are reliable and are prepared based on what the IFRS requires.

The section of the unqualified audit report on the effectiveness of ICFR that the statement asked belong in is the opinion paragraph.