How Many Types Of Audit Reports Are?

Question

How Many Types Of Audit Reports Are?

5 Answers

Answer Question

Answer 1

There are 5 types of audit report:

Unqualified Report
It's means F/S give true and fair view, and no material misstatement.

Unqualified Modified report
It's means F/S give true and Fair view, but have some uncertain issue.

Qualified report
It's means there have material misstatement, but except that F/S give true and fair view

Adverse report
It's means there have very serious misstatement, so the F/S don't give true and fair view

Disclaimer report
It's means the client don't assess any information to auditors, so auditors can't make any decision for the report

Answer 2

Anonymous answered

Clean audit report
qualified audit report
adverse or negative audit report
disclaimer of opinion

Answer 3

Kinds of audit

Answer 4

Five types

Answer 5

The statutory report is issued by every public company limited by shares and limited by guarantee having shares capital. Such companies can hold statutory meeting after 3 months and before 6 months from the date of commencement of business. A company secretary can prepare the report and it is signed by three directors including chief executive. The directors may raise funds through sale of shares and debentures and participation term certificates. A prospectus is issued for the information of general public. The auditor can issue for the information of general public. The auditor can issue report stating the profit and loss account of last five years, balance sheet of the previous year, paid up capital and rate of dividends for last five years.

The shareholders may pass a special resolution for the winding up of a company. The directors may ask the auditors to prepare solvency report. The Companies Ordinance 1984 imposes conditions for winding up of a business. The financial report is prepared by the auditors can complete their audit work under the agreement. The report may be clean or qualified as per finding of the audit staff. In order to meet the requirements of Companies Ordinance 1984 the auditors are bound to inform the shareholders who want to protect their rights.