Question

conditional report is know as 1) qualified report 2) audit report 3) clean report 4) special report

Answer 1

Answer:

The auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on the results of the audit.

An auditor's report is considered an essential tool when reporting financial information to users, particularly in business. Many third-party users prefer, or even require financial information to be certified by an independent external auditor. Creditors and investors use audit reports from Supreme Audit Institutions (SAI) to make decisions on financial investments. [1] Audit reports derive value from increasing the credibility of financial statements, which subsequently increases investors’ reliance on them. In the government, legislative and anti-corruption entities use audit reports to keep track of the actions of public administrators on behalf of citizens. Therefore auditing reports are a check mechanism on behalf of the citizen, to ensure that public finances, resources and trust are managed in entities created to foster good governance, such as local authorities, government departments, ministries and related government bodies.[2]

Answer 2

The correct option is 2) Audit Report.

Conditional report is also known as Audit report.

• The audit or auditor's report is a document that contains the auditor's opinion on whether a company's financial statements are in accordance with GAAP and free of material misstatement.
• Banks, creditors, and regulators all require an audit of a company's financial statements, so the audit report is critical.
• There are 5 types of audit report and conditional report is one of them.

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