Question

Standard Unqualified Audit Reports for a United States public company may only be issued if (list three of the six criteria).

Answer 1

There are specific criteria of issuing unqulified audit report for a us public company. but befor ge that let us understand what is unqulified report. An unqualified opinion is an independent auditor's judgment that a company's financial statements are fairly and appropriately presented, without any identified exceptions, and in compliance with generally accepted accounting principles (GAAP). Now understand criteria one by one.

Here i am explaining more then what question asked for

a) If there is no violation of general accpeted accounting principle while preparing financial statement.

b) There should be appropriate disclosure should be made by management like for example:- If there is change in method of depriciation then there should be clearely disclosure of the same.

c) There should not be any restricition on auditor. Auditor should able access all information which he require.

d) There should not be any doubt of going concern. if auditor satisfy himself then there is no risk on continuation of business.

e) The auditor should be independently appointed which mean auditor should not be working under control of management they should be independent.

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