The Term – negative assurance and unqualified report

An audit report is modified rather than qualified

An audit opinion is qualified (as appropriate)

A “standard” unmodified audit report contains a “standard” unmodified and therefore not-qualified / unqualified opinion … often referred to as a clean opinion

Such a clean opinion is telling the reader that, in the auditos’ opinion, those financial statements represent a true and fair view …..

If, in the auditors’ opinion, there are matters within the financial statements that have the effect of spoiling that true and fair view, the auditor will modify the audit report by qualifying the audit opinion

The problem lies within the richness of the English language where a single word can have different meanings – sometimes diametrically opposing meanings (the word “sanction” is a classic example and the word “set” has in excess of 170 different meanings)

Here we have the words “qualify” and “qualification”

To qualify as a professional means to take and succeed in passing various examinations of one’s abilities and understanding … you become a qualified certified accountant

But where a statement contains a warning or the person making the statement is not 100% absolutely certain of the truth of that statement, they may say something like “…. but let me qualify that statement by saying that ….”

In that way they are indicating that, whereas they might be pretty sure of the reliability of their comments, they cannot be 100% sure … so they will include that qualification

As for positive and negative assurances, the nature of a Review Engagement is such that the accountant is limited in the extent of work carried out and is not in a position to carry out a full audit with all that that would entail

So instead of being able to say “In our opinion … the financial statements …. a true and fair view …” the best that may be said of the findings from a Review Engagement is that the accountant carried out the work and discovered nothing to suggest that, in the respective areas looked at, those records were unreliable (but if they’d been able to carry out a full audit, that statement may change)

In answer to your question, no, there is no such animal as positive assurance for a Review Engagement

OK?