Phillips & Craig LLP was hired by Richards Manufacturing, a public company, to perform an integrated audit of the December 31, 2022, and internal controls. Phillips & Craig was hired just after yearend, on January 3, 2023. Because of the tight deadline to complete the audit before the SEC filing deadline, Phillips & Craig focused more time on performing substantive procedures for the financial statement audit and was not able to complete a full audit of ICFR. The tests of controls that were completed provided evidence that internal controls were effective. The audit manager for Phillips & Craig tells the partner, “I feel certain if we had the time to complete all of the planned tests of controls, we wouldn’t identify any material weaknesses. We already decided to issue an unqualified opinion on the based on the evidence gathered from our substantive procedures, so I’m sure the internal controls are effective.”
What type of opinion on the effectiveness of ICFR should Phillips & Craig issue? Evaluate the situation and provide support for the type of opinion selected.
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