What Type of Reports Can an Auditor Issue If They

question 76

Essay

What type of reports can an auditor issue if they cannot provide an unqualified audit report?
The three types of reports other than unqualified are:
1.Qualified.The auditor's opinion is qualified because of either a scope limitation or a non-pervasive departure from Generally Accepted Accounting Principles (GAAP), but overall the financial statements were presented fairly.
2.Disclaimer.The auditor disclaims an opinion on the financial statements either because there is insufficient appropriate evidence to form an opinion on the overall financial statements or because there is a lack of independence.
3.Adverse.The auditor's opinion states that the financial statements are not presented fairly in conformity with GAAP because the departure materially affects the overall financial statements.

---

Definitions:

Reply to the Comment

The action of responding to a comment left by another user, typically found within online forums, social media platforms, or document collaboration tools.

Underline Formatting

A text formatting feature that creates a horizontal line beneath the selected text, often used for emphasis or to indicate hyperlinks.

Hanging Indent

A text formatting style where the first line of a paragraph is not indented, but all subsequent lines are.

Works Cited

A section in a research paper or report that lists all the sources referenced or quoted.