Definition of Unqualified audit:
An assessment of company that is considered to be accurate.
Additional names for unqualified audits often included unqualified opinions and unqualified reports.
An unqualified audit reflects business financial statements that are transparent and compliant with generally accepted accounting principles (GAAP). An unqualified opinion is given after thorough research considering all accompanying financial documents. Any possible remaining discrepancies with the audit would stem from information that could not be obtained by the auditor. An unqualified report analyzes the internal systems of control as well as the details in the organization's books.
How to use Unqualified audit in a sentence?
- An unaudited opinion, in contrast, provides an opinion of a firm's financial statements but without in-depth research, often highlight the auditor's reservations.
- An unqualified audit is a thorough audit of a firm's internal systems of control and its financial statements and all supporting documents.
- An unqualified report reflects fair and transparent financial statements in compliance with generally accepted accounting principles (GAAP) and statutory requirements.
Meaning of Unqualified audit & Unqualified audit Definition