Unqualified Audit Report: The unqualified audit report is the opinion expressed by the auditor wherein they state that the financial statements provide a true and fair view, and there are no material misstatements exists. Material misstatement in financial statements: Material misstatements in financial statements may mean those errors or frauds which are of a significant amount and affect the true and fair view of the financial statements. The terms and phrases in an unqualified report which indicate material misstatements.

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Chapter 15, Problem 8RQSC

To determine

Concept Introduction:

Unqualified Audit Report:

The unqualified audit report is the opinion expressed by the auditor wherein they state that the financial statements provide a true and fair view, and there are no material misstatements exists.

Material misstatement in financial statements:

Material misstatements in financial statements may mean those errors or frauds which are of a significant amount and affect the true and fair view of the financial statements.

The terms and phrases in an unqualified report which indicate material misstatements.

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