Referencing the textbook (Auditing: A Risk-based Approach, 11th edition) and the readings, write a three to five page double-spaced report discussing:
1. The different types of audit reports that can be issued explaining the form and content and why they are issued:
a. Standard unqualified (unmodified) audit reports on financial statements and when it is issued, an unqualified report with explanatory language describing a justified departure from U.S. GAAP, an unqualified report with substantial doubt about the client being a going concern, and an unqualified report with emphasis of important matter.
b. Qualified opinion reports.
c. Adverse opinion reports.
d. Disclaimer of opinion reports.
2. Does this mean that publicly traded companies always "do things right" and what are the implications of a qualified or an adverse opinion for a publicly traded company? Do non-public entities receive opinions other than unqualified?
3. Paraphrase the opinion paragraph for an unqualified, qualified, adverse, and disclaimer of opinion report.
Submit your completed assignment to the Assignments folder by the date specified by your facilitator.