Question

In: Accounting

what is the difference between an audit and a qualified opinion?

what is the difference between an audit and a qualified opinion?

Solutions

Expert Solution

Audit: Audit is the vouching of Incomes, Expenses of an entity and verification of assets and liabilities of an entity.

It also incudes the verification whether any discrepancies are practised which are not in accordance with generally accepted accounting principles.

Audit is performed in all the spheres of entity's activities and the deficiencies are observed and reported to appropriate authorities.

There are various types of Audit:

1. Statutory Audit

2. Internal Audit

3. Stock Audit

4. Forensic Audit

5. Tax Audit

6. Compliance Audit etc....

An Audit report is given to the concerned people after the conclusion of audit.

If in the process of audit, the auditor has observed any such deficiency or non compliance with will potentially affect the interest of stake holders he will Qualify his opinion. Such a report is called Qualified Audit Report. The opinion on entity performance and maintanence of accounts based on any any shortcoming is called as Qualified Opinion.

This is the difference between an audit and qualified opinion.

PS: Please Use "Thumbs Up" if you are contented with my solution.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

. What type of audit opinion (unmodified, unmodified with emphasis of matter paragraph, disclaimer, qualified or...
. What type of audit opinion (unmodified, unmodified with emphasis of matter paragraph, disclaimer, qualified or adverse) would be appropriate for each of the following independent scenarios? (a)  There is an uncertainty related to a pending exceptional litigation matter that is adequately disclosed in the notes to the financial statements. (b) The client’s records are inadequate and the auditor is unable to obtain sufficient and appropriate audit evidence. (c)   There is a material uncertainty that casts a significant doubt on the...
describe what is the difference between the audit of financial statements and the audit of internal...
describe what is the difference between the audit of financial statements and the audit of internal controls for U.S public companies. write 10-12 sentences.
What are the two major types of qualified retirement plans? What is the main difference between...
What are the two major types of qualified retirement plans? What is the main difference between them? Which one does a 401K plan fall under?
what is the difference between audit risk and engagement risk? Accounting Audit. a couple of paragraphs...
what is the difference between audit risk and engagement risk? Accounting Audit. a couple of paragraphs explain the occurrence and completeness assertions? and how does failure to meet each of those two assertions affect the financial statements? these are two of the eight management assertions. Accounting auditing list the three objectives of internal control and the five components of internal control and a very brief description of the five components. What are the management assertion and its definitions?
What is the difference between an audit, a review and a compilation? What type of assurance...
What is the difference between an audit, a review and a compilation? What type of assurance does the auditor provide for each? Also, give the resources. The course is auditing
Answer the following Essential Question: What is the difference between Qualified Medical Expenses and deductible medical...
Answer the following Essential Question: What is the difference between Qualified Medical Expenses and deductible medical expenses? Guiding Hints/Questions: - are qualified medical expenses equal to the amount a taxpayer can claim on schedule A? - give an example of how qualified medical expenses will differ from the actual amount the taxpayer can deduct. - don't forget the limitations placed on medical expenses for 2019
Answer the following Essential Question: What is the difference between Qualified Medical Expenses and deductible medical...
Answer the following Essential Question: What is the difference between Qualified Medical Expenses and deductible medical expenses? Guiding Hints/Questions: - are qualified medical expenses equal to the amount a taxpayer can claim on schedule A? - give an example of how qualified medical expenses will differ from the actual amount the taxpayer can deduct. - don't forget the limitations placed on medical expenses for 2019.
What, in your opinion, is the role of a qualified auditor? Based on the knowledge you...
What, in your opinion, is the role of a qualified auditor? Based on the knowledge you have gained in this subject, do you think that auditors play a useful role in financial markets? Explain your answer.
What is the difference between an audit, a review and a compilation? I want the resources,...
What is the difference between an audit, a review and a compilation? I want the resources, please for the answer.
Unqualified Opinion Qualified Opinion Adverse Opinion Disclaimer Opinion. Include the following: Describe the scenarios under which...
Unqualified Opinion Qualified Opinion Adverse Opinion Disclaimer Opinion. Include the following: Describe the scenarios under which each of these audit opinions How do investors react to these different audit opinions Provide examples of real organizations for each of these opinions What are the consequences or benefits an organization may encounter as a result of each of these opinions Provide examples of real organizations for each of these opinions
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT