Differitiate between an qualified and unqualified 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 typically applies generally accepted auditing standards (GAAS) to ensure that a firm's internal controls are adequate, functional and established in conformity to laws and regulations.
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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Asked 4/18/2012 7:37:03 AM
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