UNQUALIFIED REPORT:

An unqualified opinion should be expressed when the auditor concludes that the financial statements give a true and fair view in accordance with the financial reporting framework used for the preparation and presentation of the financial statements. An unqualified opinion indicates, implicitly, that any changes in the accounting principles or in the method of their application, and the effects thereof, have been properly determined and disclosed in the financial statements. An unqualified opinion also indicates that:

  1.  the financial statements have been prepared using the generally accepted accounting principles, which have been consistently applied;
  2.  the financial statements comply with relevant statutory requirements and regulations; and
  3.  there is adequate disclosure of all material matters relevant to the proper presentation of the financial information, subject to statutory requirements, where applicable.
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