(1)Standard Unqualified Audit
report: Alternatively known as clean audit report. This type of audit
report is issued when the following conditions have been met:
a)All the statements-balance sheet, statement of retain earnings, cash
flow statements are included in the financial statements.
b)When the three general standard have been followed in every aspect.
c)When the auditor satisfied by sufficient evidence which discloses
that three standard of field work have been met.
d)All the financial statements are presented by following GAAP.
e)When there requires no additional information to be added in the
financial statement.
(2)Unqualified Audit report
with modified wording: This type of audit report issued when all the
financial statements are fairly presented but the auditor believes that some
additional information needs to be added. This type of audit report is issued
when the following conditions have been met:
a)Lack of consistent application of GAAP
b)Substantial doubt about going concern.
c)Auditor agrees with a departure from proclaimed accounting
principles.
d)Emphasis of matter.
e)Report involving other auditors.
(3)Qualified opinion report:
A qualified opinion report issued when there exist limitation on the scope of
the audit or failure to follow GAAP.
(4)Adverse opinion report:
This type of audit report issued when the auditor believes that the overall
financial statements are not presented fairly also the statements being
prepared without following GAAP.
(5)Disclaimer opinion report:
This type of audit report is issued only when the auditor fails to satisfy
him/her self that the overall financial statements are fairly presented.
