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Issuing Audit Reports Simulation

Issuing Audit Reports Simulation - I ssuing Audit Reports...

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Issuing Audit Reports Simulation There are two types of audit reports: Unqualified or clean audit reports, and Modified audit reports An unqualified opinion or a clean opinion as it is also known, should be expressed when the auditor concludes that the financial statements give a true and fair view (or present fairly, in all material respects) in accordance with the applicable financial reporting framework. An unqualified opinion also indicates that any changes in accounting principles or in the method of their application, and the effects thereof, have been properly determined and disclosed in the financial statements. Modified reports are issued when the auditor cannot issue an unqualified report. There are two general types of modified reports: Matters that do not affect the auditor's opinion: emphasis of matter Matters that do affect the auditor's opinion o Qualified opinion o Disclaimer of opinion o Adverse opinion
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