Response to the following problem:
This problem requires you to access authoritative standards to compare the objective of an audit as defined by AICPA auditing standards and International Standards on Auditing (ISA 200) and the objective of an audit of internal control over financial reporting as defined by PCAOB auditing standards (AS 5) .
Required
a. Compare the objective of an audit under AICPA Auditing Standards and International Standards on Auditing. Are there substantive differences in the objective of an audit as defined by these two standards?
b. What is the objective of an audit of internal control over financial reporting according to PCAOB auditing standards?
c. What defines whether financial statements are fairly stated, and what defines whether internal control is considered effective? Are they related?