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What is unqualified audit report?

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While the word 'unqualified' may seem to have a negative spin on it, it is actually the best type of audit report a company can receive.
Once an audit is complete, the audit partner will produce a report the the owners if the company giving his/her opinion on the accounts. An unqualified report will say that there are no material misstatements and the accounts seem to be true and fair.
If there are issues with the accounts that the auditor needs to bring to the attention if the company owners, he/she will produce a modified (qualified) audit report instead.
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