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Good Afternoon,
I am a bit confused on unqualified and unmodified opinion and report. what is the difference between the two? I was under the impression that you would use the term unmodified for a report and the term unqualified for an opinion but I have seen the BPP notes stating that auditors opinion is unmodified.
Please could this be explained?
Thank you!
As reported by you, the BPP note is correct.
If you download our notes https://opentuition.com/acca/aaa/ you will find the contents page to be linked to the chapters and the pdf to be searchable – so it is very easy to navigate to “unmodified” in Chapter 25. The terms modified/unmodified relate strictly to the audit opinion. Qualified is just one of the three forms of modified opinion as summarised at the bottom of page 120.
“Unqualified” is no longer a term to be associated with auditor’s reports or audit opinions (since the new and revised “report standards” became effective more than 3 years ago).
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