What is included in the introductory paragraph in an unmodified opinion?
Remember that an unmodified opinion is only for nonissuers. The introductory paragraph would include details about the entity being audited, statement that the financials have been audited, title of each financial statement, and the timeline that the audit report covers.
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For an unmodified opinion, does the opinion reference the use of specialists?
If the auditor has issued an unmodified opinion, they will not be required to reference the work of the specialist. However, if the auditor has issued a modified opinion (qualified, adverse, or disclaimer), they should refer to the specialist if the information gathered from their work enables the readers of the financial statements to better […]
What is the difference between an unmodified and unqualified audit opinion?
Issuers (public companies) receive unqualified audit opinions while nonissuers (private companies) would receive unmodified opinions. The requirements for the audit report vary between the two types of audit opinions.
What are the required paragraphs in an unmodified opinion?
Unmodified opinions are issued for nonissuers (private companies). If the audit team has determined that, after performing all necessary audit procedures, that there are no material departures from the conceptual framework, the audit team may issue an unmodified opinion. Reporting an unmodified opinion would consist of the following paragraphs: