Final answer:
An audit that involves both the financial statements and the effectiveness of ICFR is known as an integrated audit, mainly relevant for public companies under SOX Section 404.
Step-by-step explanation:
An audit that combines the financial statement audit with an audit of the effectiveness of Internal Control over Financial Reporting (ICFR) is defined as an integrated audit. This type of audit is designed to provide assurance to stakeholders about the accuracy of a company's financial statements and the effectiveness of its internal controls. An integrated audit is especially relevant in the context of public companies following the requirements of the Sarbanes-Oxley Act of 2002 (SOX), particularly section 404, which mandates that public companies' annual reports must include the company's own assessment of internal control over financial reporting and an auditor's attestation.