Public Company Accounting Oversight Board Accounting Standard No. 5 (PCAOB) requires the audit of internal control over financial reporting to be integrated with the audit of the financial statements. The objectives of the audits are not identical, however, and the auditor must plan and perform the work to achieve the objectives of both audits.

The auditor's objective in an audit of internal control over financial reporting is to express an opinion on the effectiveness of the company's internal control over financial reporting. Because a company's internal control cannot be considered effective if one or more material weaknesses exist, to form a basis for expressing an opinion, the auditor must plan and perform the audit to obtain appropriate evidence that is sufficient to obtain reasonable assurance about whether material weaknesses exist as of the date specified in management's assessment. A material weakness in internal control over financial reporting may exist even when financial statements are not materially misstated. In planning the audit of internal control over financial reporting, the auditor should use the same materiality considerations he or she would use in planning the audit of the company's annual financial statements.

Please define control deficiency, significant deficiency, and material weakness. Suggest and evaluate an accepted framework such as COSO. In addition, what do you think about PCAOB No. 5s effect on financial statement reporting? Finally, how does internal control reporting under SOX 404 relate to the quality of audit of financial statements?