Explain the auditor’s opinions in an integrated audit.
Explain the auditor’s opinions in an integrated audit.
Homework Answers
Ans: An integrated audit involves both the audit by an outside auditor of a client's financial statement and it's system of controls over financial reporting.
An auditor's opinion is a formal statement made by an auditor concerning a client's financial statements. There are three types of audit opinions, which are the unqualified opinion, qualified opinion and adverse opinion.
The unqualified opinion states that the financial statements fairly reflect the client's financial results and financial position.
The qualified opinion indicates any limitations on the scope of the audit and may describe certain information that could not be verified.
The Adverse opinion indicates significant problems with the client's financial statements.
Another possible outcome is disclaimer, where the auditor states that that no opinion can be given regarding the financial statements due to such factors as the absence of financial records or a lack of cooperation by the client's management team.
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