Financial Auditing Please list and describe the outline of the Unmodified Unqualified Auditor's Opinion for a...

Financial Auditing

Please list and describe the outline of the Unmodified Unqualified Auditor's Opinion for a non-publicly traded client entity.

Expert Solution

Unmodified and Unqualified Auditors Opinion: Unmodified and Unqualifled are the terms which are used interchangeably.Both means the same. Unqualified Auditors opinion is the report given by the auditor after auditing the financial statements of the non - publicly traded company which is called as private company.He specifies that the financial statements of the company are according to the standards of Generally Accepted Accounting Principles (GAAP) and does not contain any misrepresentations.

Unqualified Auditors opinion will have the following 3 parts

Introduction: It includes which financial statements are audited.

Scope: It specifies the nature of the auditing and the standards used. it also specifies that 100% of auditing is not done but only sample test is done.It includes the accounting policies and the estimates the management has made.

Conclusion: In this section it specifies that the financial statement represents the true and fair materiality aspects.

It may also include oter basic elemenys as follows:

Title: It includes the word " Independent""to represent that it was prepared by unbiased party.

Addresse: To addredd the reader of the financial Audit Report

Auditor's Name: The namee of the Aiuditor epresenting the CPA firm.

Date: It includes the date when the auditor has the sufficient competent audit evidence to support the opinion.

ekkarill92 answered 2 years ago

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