FYI ICFR - Objectives—There are two objectives: (1) To obtain reasonable assurance whether material weaknesses exist at the “as of” date in management's assessment of ICFR; and (2) to express an opinion on the effectiveness of ICFR and communicate appropriately with management and those charged with governance.

Underlying Concepts 1. If any (one or more) “material weaknesses” exist, then the entity's internal control cannot be considered effective. The auditor should plan and perform the audit of ICFR to obtain sufficient appropriate evidence to provide reasonable assurance whether material weaknesses exist as of the date specified by management's report. 2. The auditor is not required to search for deficiencies that are less severe than a material weakness (such as significant deficiencies or other lesser matters). The auditor should use the same suitable and available control criteria to perform the audit of ICFR that management uses for its assessment of the effectiveness of ICFR. **Management must provide its written assessment about the effectiveness of ICFR in a report that accompanies the auditor's report. (If management refuses to furnish a written assessment, the auditor should withdraw from the audit of ICFR.)**