Which of the following statements regarding an auditors assessment of an issuers internal control is/are true?

I) An entitys internal control cannot be considered effective if one or more significant deficiencies exist.

II) The auditor must plan and perform the examination to obtain reasonable assurance as to whether or not significant deficiencies exist as of the specified date.

Question 1 options:

	Neither I nor II
	Both I and II
	I only
	II only