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Audit related terms
Corporate & Other Laws
Pls explain the terms underlined in the image below
Answers (2)
These all represent comments/ opinion on the accounts by the auditor. A qualified report means an audit report which is not clean. In case auditor has any reservation in respect of certain methods or accounts mentioned in the financial statements he may qualify his report saying... financial statements are ok except for the qualification An adverse opinion is issued when the reservation / disagreement by auditor material and affects the total financial statements. Its like a complete negative comment.
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