Disclaimer of Opinion:
The auditor doesn't want to or can't give an opinion on whatevers being audited.
Reasons:
Adverse Opinion:
(The worse) When an auditor determines the financial statements are materially misstated, or as a whole don't conform with GAAP (Generally Accepted Accounting Principles)
Qualified Opinion:
The auditor finds 1 of 2 types of situations that don't comply with GAAP. The auditor determines the financial statements are presented fairly except for (the situation that doesn't comply).
Reasons:
Unqualified Opinion:
(The best) Everything presents fairly and, as a whole, is in accordance with GAAP.
There are 3 types of unqualified opinions:
standard unqualified; unqualified with modified wording (ex. other auditors besides the ones writing the report were used); and unqualified with ending explainatory paragraph (ex. there might be a going concern problem with the company under audit.)
There are four types of Audit Reports 1. Standard Unqualified 2. Unqualified with explanatory paragraph 3. Qualified and 4. Adverse
4 Types of Audit Reports:Unqualified OpinionQualified OpinionAdverse OpinionDisclaimer of Opinion
types of audit approach
types of operational audit?
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from my view and what i learned, there is only two types of tax audit that includs (a) desk tax audit (b) field tax audit
How many audit reports were issued by the DoD and Inspector General (IG) from 1996-2002
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Quality of audit reports quality of emloyees
How many audit reports were issued by the DoD and Inspector General (IG) from 1996-2002
mention three stakeolders that will be intrested in the audit report
A SAS 70 type ii audit is one of two service audit reports. Both reports include the service organization's description of controls, but type ii audit also has detailed testing over the controls over a minimum of 6 month period.