0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Where can I get help for an IRS tax audit?
For an IRS tax audit, you should speak with a qualified accountant and a qualified attorney. These professionals can best guide you through the process of an audit.
What is qualified audit report?
Qualified audit report means that financial statement of business donot represent the true and fair activities of business
Why you need audit?
it verifies the accounts at the end of a financial year, conducted by an independent qualified accountant
What is meant by qualified report Give a specimen of such report after completing the annual audit of a public Ltd co?
a
Outline the Consequences of a qualified audit report?
An audit report may have severe consequences. An IRS audit for example may cause a person to have to pay back money they received as an error in reporting income.
What is a qualified audit report?
An audit report is a certification that financial statements are prepared according accepted accounting standards. In case auditors disagree with any issue and state their opinion of the issue in the audit report it is called qualified audit report.
What is the difference between a qualified and unqualified audit report?
Qualified report an auditor gives an option subject to certain reservation , he is said to have a qualified reportunqualified report an auditor gives an option on various matter without any qualification or reservation . it is known as unqualified report
What is the difference between an unqualified and a qualified audit report?
Qualified report an auditor gives an option subject to certain reservation , he is said to have a qualified reportunqualified report an auditor gives an option on various matter without any qualification or reservation . it is known as unqualified report
Stakeholders that would be interested in an audit report?
Shareholders of the company, the directors of the company, the accountant of the company and future investors or creditors
What are the types of audit report?
There are four types of Audit Reports 1. Standard Unqualified 2. Unqualified with explanatory paragraph 3. Qualified and 4. Adverse
What is unqualified audit report?
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.
Differentiate between an unqualified and a qualified audit report?
Type your answer here... An audit report is said to be unqualified,when it is a clean report. Thus the auditor after examination of the organisation its record and financial statement comes to a conclsion that the financial statement reflects the true financial position of the business thats the financial statement have been prepard in accordance with the acceptable accounting principles. Qualified audit report on the other hand is a negative report which shows that the financial statement have not be prepare in accordance with acceptable accounting principles and the opinion of true and fare is not certain.
