Duestions 15 A. An "integrated audit" refers to an audit engagement where one audit firm conducts both the audit of internal control over financial reporting (ICFR) and the audit of the financial statements (FS) and, to the extent possible, designs tests to accomplish the objectives of both audits simultaneously. Is Non-Integrated Audit allowed in China? (1 mark) B. What are relationships between tests of controls performed for the Internal Control Audit and those performed for the Financial Statement Audit, including similarities and differences (9 marks) Duestions 15 A. An "integrated audit" refers to an audit engagement where one audit firm conducts both the audit of internal control over financial reporting (ICFR) and the audit of the financial statements (FS) and, to the extent possible, designs tests to accomplish the objectives of both audits simultaneously. Is Non-Integrated Audit allowed in China? (1 mark) B. What are relationships between tests of controls performed for the Internal Control Audit and those performed for the Financial Statement Audit, including similarities and differences (9 marks)