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Certificate Service Management
Certification Services Management / Audit & Reporting
The audit report is the report that contains the audit’s opinion which is issued by independence auditors after their examination on the entity’s financial statements and related reports.
Those including financial statements, management accounts, management reports. or others report like compliant reports.
Mostly, those reports are issued based on the result of auditors’ professional examination against the measurement criteria or standards.
For example, auditors perform their audit on the client’s financial statements against the accounting standard that used to prepare those financial statements.
In other words, they review whether or not financial statements are prepared true and fair view in accordance with the accounting standards. Those standards could be IFRS, US GAAP or local GAAP.
After completing their testing, the auditor then issues the audit report on the financial statements that they just audited. This report will also include their opinion on the financial statements.
Unqualified Audit Report
Unqualified Audit Report issued by the auditor to financial statements when auditor found no material misstatements after their testing. This report contains the unqualified opinion from an independent auditor.
The report showed that the entity financial statements are prepared and present true and fair and complying with accounting framework being used.
Qualified Audit Report
The qualified Audit report is the report that issue by auditors to the financial statements that found material misstatements on them. But those material misstatements are not pervasive.
For example, the opening balance of the entity contains a large number of inventories that could not verify.
In this case, the auditor issue qualified audit opinion on the qualified audit report. However, if the auditor thinks that the misstatement is pervasive, they will issue the adverse opinion in their report.
Adverse Audit Report
Adverse Audit Report is a type of audit report that issued to the financial statements when auditors found that there are material misstatements in the financial statements.
The misstatements found here are different from the material misstatements found qualified audit report.
Disclaimer Audit Report
The disclaimer audit report is the report that issues to the financial statements where there is matter to auditor’s independence and those mater cause auditor not be able to obtain sufficient audit evidence to support their opinion.
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