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What exactly is the difference between an unqualified opinion and an unmodified opinion?
If you take a look at our notes – Chapter 6 – an audit opinion is either “unmodified” or “modified”. A modified opinion is either “qualified”, “adverse” or “a disclaimer of opinion”.
These are the five terms of the so-called “reporting ISAs” (ISA 700 series).
“Unqualified” is a very old and technically obsolete term that pre-dates the reporting ISAs – but I have no doubt that in the profession some people will use this term – though what they actually mean is unmodified.
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