Types of audit reports

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Types of audit reports

When a person (basically a certified accountant) reviews the financial statements of a group in an impartial manner and presents a report for that business, this report is called an audit report in accounting science. In this definition, financial statements of a group mean things like: balance sheet, group profit and loss statement, comprehensive profit and loss statement and cash flow statement.

Types of audit reports

Unqualified opinion:

It is a report in which the desirability of presenting financial statements is mentioned without any conditions. When the auditor confirms the quantity and quality of the audit evidence and evaluates the scope of the investigation as favorable, he issues such a report.

Qualified Opinion:

It is the time when the auditor comes across cases of non-compliance with accepted accounting standards, but this distortion or non-compliance is not so fundamental and important that he rejects the opinion. In this case, the auditor uses these cases for information by adding more explanatory words in the text of the audit report It states the financial statements.

Adverse Opinion:

It is when the non-compliance or distortion of the accepted accounting standards is such that it distorts the usefulness of the presentation in general. "Very important and fundamental"

Disclaimer of Opinion:

It is a time when a very basic and important limitation in the implementation of the audit occurs in front of the auditor.