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difference between an unqualified and a qualified audit report.
An unqualified audit report is a "clean bill of health" that an auditor delivers to a corporation. [ This type of report means the auditor did not detect any significant internal control breakdown during his examination. An auditor issues a qualified opinion when she encounters one of two types of scenarios which do not adhere to generally accepted accounting principles (GAAP): single deviation
from GAAP and scope limitation. Read more: The Difference Between a Qualified & Unqualified Audit Report | eHow.com ]
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User: difference between an unqualified and a qualified audit report.







Weegy: An unqualified audit report is a "clean bill of health" that an auditor delivers to a corporation. [ This type of report means the auditor did not detect any significant internal control breakdown during his examination. An auditor issues a qualified opinion when she encounters one of two types of scenarios which do not adhere to generally accepted accounting principles (GAAP): single deviation from GAAP and scope limitation. Read more: The Difference Between a Qualified & Unqualified Audit Report | eHow.com ]
Expert answered|Giana|Points 279|

User: Summerize the roles played by directors, shareholders and external auditors



Weegy: Shareholders are the owners. They are very interested in seeing if their investment is producing good returns. Their role will be to analyse, and protect their interests. Directors are appointed by the shareholders to run the company. [ They are answerable to the shareholders for company performance. Their jobs and future depend on giving shareholders what they want, normally increased wealth, but ethical considerations are increasingly important. Their role is caretaking and maximizing! They will know what the financial statements say before they are published. Auditors generally have an impassionate relationship with the financial statements. They probably produced them anyway, and would have taken an objective view when doing so. Naturally they would be happy to see their client (the company) succeed, and they would be concerned if they see a decline in profitabilty or sustainability of the company. However, auditors have no responsibility to share in managing the company. This is the sole prerogative of the directors together with their appointed managers. Their interaction with the statements may be one of 'pride of accomplishment'! and may be to hope to be appointed again (or not!) next year! ]
Expert answered|Giana|Points 279|

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Asked 5/6/2012 6:14:58 AM
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why was it necessary for south africa to bring about this alignment in financial reporting with the rest of the world
Weegy: South Africa brought their financial reporting in line with the majority of the world on 1 January 2005. [ They are not regulated and must comply with the requirements of the International Financial Reporting Standards. South Africa realised that to trade and do business with the rest of the world, at the same level as other countries, it needed to be regulated by the same International Financial Reporting Standards. The International Financial Reporting Standards realises that all countries need to report in the same way so that their systems and financial flow can be regulated and then contrasted in the same way. Using different reporting standards than other major economic countries would disadvantage them as they would not be seen as a transparent country in terms of financial regulation. Every company that is on the Johannesburg Stock Exchange must comply with the requirements of the International Financial Reporting Standards. This is the same for stock exchanges across the world, in all of the other countries that are regulated by the International Financial Reporting Standards. The International Financial Reporting Standards ensures high quality of financial regulation worldwide and realises that smaller, growing, less economically developing countries must also be regulated so that they can continue to grow. They believe that they can maintain these standards by doing four main things; having a monitoring board, the ability to review their constitution every five years, mandatory public consultation and the fact that all meetings are either shown online or the notes are documented for all to see. They believe that being a clear, transparent organisation is the key to their success. Making the process of regulation open gives them the trust from different financial bodies worldwide. ] User: Explain the term limited liability User: South Africa recognized the need to prepare their financial statements in line with international standards. ... (More)
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Asked 5/6/2012 6:03:14 AM
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