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The audit opinion is UNQUALIFIED - michigan

The audit opinion is UNQUALIFIED - michigan 2025

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The document is an Auditing Procedures Report for the Kalkaska Public Transit Authority, detailing the financial audit conducted for the fiscal year ending September 30, 2007. It includes a comprehensive overview of the Authority's financial statements, management's discussion and analysis, and compliance with accounting standards. The report highlights a decrease in net assets by approximately 9% due to reduced capital grants and significant retirement contributions. It also identifies internal control deficiencies, particularly in segregation of duties, while affirming that the financial statements present a fair view of the Authority's financial position.

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Is audit opinion qualified?

A qualified opinion is expressed when the appointed auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in aggregate, are material, but not pervasive, to the financial and/or non-financial information.

What are the 5 conditions required to issue unqualified audit report?

3-6 An unqualified report may be issued under the following five circumstances: All statementsbalance sheet, income statement, statement of retained earnings, and statement of cash flowsare included in the financial statements. The three general standards have been followed in all respects on the engagement.

What is an unqualified going concern opinion?

An unqualified opinion is a positive outcome. Its given when an auditor has no concerns about the financial statements of a business or its ability to operate in the future. Lenders, creditors and investors all want to see this type of result.

What are the 4 types of audit opinions?

There are four types of audit opinions: unqualified, qualified, adverse, and disclaimer of opinion. Each type reflects a different level of assurance and has distinct implications for the audited entity. Lets break them down.

What is an unqualified audit opinion with going concern?

If a borrower is having trouble obtaining an unqualified opinion from its auditor, it may delay delivery of its audited financials until it can obtain such unqualified opinion (or otherwise buy time in anticipation of an Event of Default arising from delivery of the audited financials with a going concern

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What does it mean when an audit opinion is unqualified?

An unqualified opinion is considered a clean report. This is the type of report that auditors give most often. It is also the type of report that most companies expect to receive. An unqualified opinion doesnt have any adverse comments, and it doesnt include any disclaimers about any clauses or the audit process.

Why would an auditor not give an unqualified opinion?

There is a lack of sufficient appropriate evidential matter or there are restrictions on the scope of the audit that have led the auditor to conclude that he or she cannot express an unqualified opinion and he or she has concluded not to disclaim an opinion (paragraphs .

The audit opinion is UNQUALIFIED - michigan 2025

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