Unqualified Audit Report

Feature Qualified Audit Report

Expresses a positive opinion on the fairness of the financial statements
Opinion Expresses a positive opinion on the fairness of the financial statements, but with a qualification
The auditor was able to obtain sufficient, appropriate audit evidence to support the opinion
Scope The auditor was unable to obtain sufficient, appropriate audit evidence to support an unqualified opinion
The auditor did not identify any material misstatements in the financial statements
Misstatements The auditor identified material misstatements in the financial statements, but the misstatements are not so pervasive as to require an adverse opinion
The auditor does not need to disclose any substantive reasons for the opinion
Disclosure The auditor must disclose all of the substantive reasons for the qualification
The auditor
Emphasis mayparagraphs
of matter include emphasis of matter paragraphs to highlight certain matters that are not material
The auditor
enoughmay
to warrant
includeaemphasis
qualification
of matter paragraphs, but they are more likely to be required when a qualification is also present