Which of the following is NOT one of the four elements of the Statement of Assurance?

• A. Audit opinion on the IC Program
• B. Cover memo stating overall reliability of the IC Program
• C. Description of how evaluation was conducted
• D. Statement about uncorrected weaknesses in CY and PY and plans to correct

Answer: (A)

The Statement of Assurance is an internal management summary that communicates how the internal control (IC) program was evaluated, how the evaluation was conducted, and what weaknesses remain along with plans to fix them. It typically includes a cover memo describing overall reliability, a description of the evaluation methodology, and a statement about uncorrected weaknesses in the current year and the prior year with corrective actions planned. An audit opinion on the IC Program is not part of this document because opinions are produced by independent auditors assessing the effectiveness of controls in the context of financial reporting. The Statement of Assurance, by contrast, is management’s own assessment of the IC program, its methodology, and its findings and plans.