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The most frequent type of report is referred to as the Unqualified Opinion, and is regarded by many as the equivalent of a "clean bill of health" to a patient,[2] which has led many to call it the Clean Opinion. This type of report is issued by an auditor when the financial statements presented are free of material misstatements and are in accordance with GAAP, which in other words means that the company's financial condition, position, and operations are fairly presented in the financial statements. It is the best type of report an auditee may receive from an external auditor. A Qualified Opinion report is issued when the auditor encountered one of two types of situations which do not comply with generally accepted accounting principles, however the rest of the financial statements are fairly presented. This type of opinion is very similar to an unqualified or "clean opinion", but the report states that the financial statements are fairly presented with a certain exception which is otherwise misstated. The two types of situations which would cause an auditor to issue this opinion over the Unqualified opinion are: * Single deviation from GAAP - this type of qualification occurs when one or more areas of the financial statements do not conform with GAAP (e.g. are misstated), but do not affect the rest of the financial statements from being fairly presented when taken as a whole. Examples of this include a company dedicated to a retail business that did not correctly calculate the depreciation expense of its building. Even if this expense is considered material, since the rest of the financial statements do conform with GAAP, then the auditor qualifies the opinion by describing the depreciation misstatement in the report and continues to issue a clean opinion on the rest of the financial statements. * Scope of limitation - this type of qualification occurs when the auditor could not audit one or more areas of the financial statements, and although they could not be verified, the rest of the financial statements were audited and they conform GAAP. Examples of this include an auditor not being able to observe and test a company's inventory of goods. If the auditor audited the rest of the financial statements and is reasonably sure that they conform with GAAP, then the auditor simply states that the financial statements are fairly presented, with the exception of the inventory which could not be audited. Soure From: http://en.wikipedia.org/wiki/Auditor's_report (WIKIPEDIA)

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โˆ™ 2008-05-15 16:31:07
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Q: What is qualified and unqualified report?
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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


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


Differentiate between an unqualified and qualified audit report?

Unqualified Report: It is that report which presents that company's financial statements represents true and fair activities. Qualified report: It represents that company financial statments are not presenting true and fair acitivities of business.


What is Qualified and unqualified auditor report?

At the end of audit engagement, an auditor can give hisÊopinion Êin the auditor's report as either qualified or unqualified. Unqualified report is one that the auditor is satisfied that the business Êor an organisationÊhas present fairly its affair in all material aspect. WhileÊa qualified Êreport oneÊwhich theÊauditor concludes Êthat most matter have been dealt with but not sufficiently.


What is the difference between a qualified auditors reports and unqualified auditors reports?

A qualified auditor's report has been limited to certain aspects only. This means that other aspects of the report still have to be investigated. An unqualified auditor's report means that all aspects have been thoroughly checked. There are no discrepancies and the report is final.


Distinquish between unqualified audit report and a qualified audit report?

UNQUALIFIED REPORT means firms financial statements present true and fair dealings of business while QUALIFIED financial statements means financial statements does not present true and fair view and has some issues in it.


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 the differences between Mr Peter and other teachers in the novel Crabbe?

What is the different between qualified, unqualified and under qualified teachers? What is the different between qualified, unqualified and under qualified teachers?


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.


What is an unqualified report?

unqualified report is that Audit report in which Audit opinion specify that according to according to rules and regulation the firms financial statement portray true and fair view.


What is the meaning of a Doctor Who is a 'quack'?

It means not a proper doctor. Someone unqualified but acting as if qualified.

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