AS 2201 - Audit of Internal Control Over Financial Reporting (ICFR)

AS 2201 is a PCAOB standard that requires auditors to evaluate a public company's internal control over financial reporting and to issue an integrated report covering both the financial statements and the related controls. The auditor must design procedures to test the effectiveness of the controls, determine whether material weaknesses exist, and communicate findings to management and the audit committee. The standard aligns the control assessment with the overall audit to enhance reliability of financial reporting.