Final answer:
An audit report for a nonpublic company includes planning, internal control, and reporting sections.
Step-by-step explanation:
The statement is true. An audit report for a nonpublic company typically consists of three sections: planning, internal control, and reporting. In the planning section, the auditor gathers information about the company's operations, systems, and risks. This helps them develop an audit plan. The internal control section focuses on evaluating the effectiveness of the company's internal controls in ensuring accuracy and reliability of financial reporting.