(1)   Audit Reports:       (A)   What types of companies are required to obtain an independent audit and what is the purpose of the Audit Report?       (B)   An “unqualified opinion” doesn’t sound very favorable; in fact, it sounds like the person giving the opinion does not have the proper credentials. Please clarify this issue. Wouldn’t a company rather receive a “qualified opinion?” Also, does a clean opinion mean the financial statements are 100% error-free? Please explain.

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