Qualified and Unqualified Audit Report

An auditor after doing his or her work gives report so that the result of audit can be known to internal as well as external parties. When you hear for the first time Qualified and Unqualified audit report (without knowing the meaning) which the auditor give to the company’s and someone ask what is good between the two of them, then majority of people tend to think qualified report is good which is not the case, let’s look at both them in order to know the reason for it.

While qualified audit report by auditor means that there are some problems associated with the books of accounts and company has deviated from generally accepted accounting principles. While unqualified audit report means that all financial statements have been prepared in accordance with generally accepted accounting principles. However one should not rely solely on this when taking a decision as fraud happens even when a company has gotten unqualified audit report from the auditor.

0 comments… add one

Leave a Comment

Related pages

meaning of advantage in hindiautocratic decisiontrade discount entryfluctuations définitiondisadvantages of decentralized organizational structurecost push inflation definitionadvantages and disadvantages of hire purchasewhat are examples of current liabilitiesassumptions of break even analysis accountingdistinguish between direct and indirect labourdefine proprietorscost pull inflation definitionexamples of current liabilities in accountingprepaid expenses meaningnon cumulative preference shareadvantages of mixed economyadvantages and disadvantages of variable costingdifference between capitalist and socialistequity shareholders and preference shareholderswhat is penetration pricing strategycharacteristics of monopolistic competition marketsystematic and unsystematic risk in financedisadvantages of monopolynondurable consumer goodsvostrosfullform of fdiadvantages and disadvantages of a planned economyscarcity in economics examplesdifference between term loan and overdraftdecentralization disadvantagesentry for bad debtsmixed economies advantages and disadvantagesrelationship between bond prices and interest ratestypes of factoring in financewhat are fictitious assetsdisadvantage of payback periodprivatization advantages and disadvantagesesop full formcurrent cost accounting advantages and disadvantagescumulative and non cumulative preference sharesunearned income in accountingdual aspect concept of accounting with examplesadvantages of debit cardswhat are the disadvantages of budgetingaccounting concept of materialitymeaning of wholesaler and retaileradjusting entry for unearned revenueexamples of direct taxdifference between perfect competition and oligopolywhat is the difference between cheque and draftexamples of direct and indirect quotesdefine foreign exchange reservescomplementary goods economics exampleshorizontal analysis balance sheetadvantages and disadvantages of microeconomicsthe main difference between a tariff and a quota iscorruption advantages and disadvantagescharacteristics of socialist economic systemadvantages and disadvantages of evacharacteristics of monopolistic competition pdfdeclining depreciation methodwhat is trial balance & why it is preparedadvantages of a swot analysisunsystematic risk examplesa report on procedure of opening a demat accountdefinition of current assets and current liabilitiesthe conservatism conceptgatt full formdisadvantages of global tradedisadvantage of merger and acquisitionwhat is full form of ipodisadvantages of autocratic leadershipexamples of merchant banksadvantages of lifo methodwhat is the difference between direct and indirect laborwhat is an unqualified audit opinionjob costing advantages