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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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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 ... (More)
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Asked 5/6/2012 6:03:14 AM
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