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STANDARD UNQUALIFIED AUDIT REPORT
Transcript of STANDARD UNQUALIFIED AUDIT REPORT
Auditing requirements have been met
No material misstatement has been discovered and is still not corrected
Financial statements are fairly stated in accordance
7 parts of Standard Unqualified Report
Standard Unqualified Report is issued when the following 5 conditions have been met
5 Most Import Causes of the Addition of an Explanatory Paragraph or Modification of Wording
LACK OF CONSISTENT APPLICATION OF GAAP
When the client has not followed generally accepted accounting principles consistently in the current period in relation to the preceding period, an unqualified opinion with an explanatory paragraph following the opinion paragraph is appropriate.
SUBSTANTIAL DOUBT ABOUT GOING CONCERN
When an auditor concludes there is substantial doubt about the client’s ability to continue as a going concern,an unqualified opinion with an explanatory paragraph following the opinion paragraph is appropriate. The auditor also has the option of issuing a disclaimer of opinion.
AUDITOR AGREES WITH THE DEPARTURE FROM A DECLARED PRINCIPLE
EMPHASIS OF MATTER
1. All statements are included in the financial statement
2. 3 general standard has been followed
3. Sufficient appropriate
evidence has been accumulated
5. There are NO circumstances requiring an additional explanatory paragraph
4. Financial statements have been
presented in accordance with GAAP & adequate disclosures have
EVA NATASHA BT SALAM 04DAT12F1097
NUR SYAHIRAH BT KHALIL 04DAT12F1028
SITI NABILAH HUSNA BT ZULKIFLE 04DAT12F1055
UMI NAZIDA BT RAFIE 04DAT12F1094
NORASHIMA BT NASIR 04DAT12F1052
AZYIA FATIN BT MOHD YUSOFF 04DAT12F1064
Audit Report Addres
Audit Report Date
Name of CPA firm
Reports Involving Other Auditors
Assume No Responsibility
If adherence to GAAP would result in misleading financial statements, an unqualified opinion with an explanatory paragraph is appropriate.
If the auditor wants to emphasize specific matters in the audit report, an explanatory paragraph discussing those matters may be added to an
Departures from an Unqualified Audit Report
Lack of Independence of the auditor
DIFFERENT BETWEEN UNQUALIFIED & QUALIFIED REPORT
i. Auditors conclude that the financial statements of your business present fairly its affairs in all material aspects.
ii. The opinion embodies the assumptions that your business observed compliance with generally accepted accounting principles and statutory requirements.
i Auditor concludes that most matters have been dealt with adequately, except for a few issues.
ii Limitation of scope in the auditor’s work, or when there is a disagreement with management regarding application, acceptability or adequacy of accounting policies.