Qualification of the audit report.
A refusal by a lawyer to furnish information related to litigation included in the letter of inquiry is likely to result in Qualification of the audit report.
What is  Qualification of the audit report?
- When the scope of the auditor's job is limited or when there is a difference of opinion with management on the application, acceptability, or sufficiency of accounting policies, the auditor's report is qualified.
- For auditors, a report must qualify an issue as material or as economically worthwhile.
What is an audit report with qualified opinion?
- An auditor's qualified opinion states that, with the exception of a particular area, the financials are fairly reported.
- A qualified opinion is typically still acceptable to lenders, creditors, and investors, unlike an unfavorable or disclaimer of opinion.
What exactly is qualified reporting?
- An audit report that has qualifications is one that is not error-free.
- The auditor may qualify his report if he has any concerns about particular processes indicated in the financial statements.
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