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An audit results in a report which gives an ‘audit opinion’ about whether the financial statements give a ‘true and fair’ view of the state of affairs of the organisation and operations for the period.
If the auditors do not agree that the accounts give a true and fair view, they can give a variety of other opinions…
| Auditor Opinion | Comment | |
| 1 | Unqualified‘The accounts give a true and fair view’ | The opinion everyone wants to see |
| 2 | Qualified – disagreementExcept for the effects of …., the accounts give a true and fair view’ | There are specific misstatements, such as an incorrect accounting policy, debtors which are not recoverable, an undisclosed fraud or insider loan. |
| 3 | Qualified – limited scopeExcept for the possible effects of …., the accounts give a true and fair view | There are specific issues which are uncertain, such as particular documents not being available for review, an internal control flaw that could result in income not being recorded. |
| 4 | Adverse‘These accounts do not give a true and fair view’ | There are so many misstatements in the accounts that they are overall wrong. |
| 5 | Disclaimer‘We are not able to express an opinion’ | There are so many missing documents or explanations that we do not have enough information to form an opinion. |
The auditor may only sign his report, after the Board has signed and approved the financial statements.
Alya Almarzooqi Auditing is a dynamic & innovative medium sized firm (leading chartered accountants firm) lead by a team of professionals and with a staff compliment of more than 15 , listed in DMCC and approved by all the major free zones including DWC,JAFZA,Maydan etc.with the head office at Business Bay and a branch at SAIF . A network of national offices provides clients with value-added services focused on business improvement and growth within specialist sectors.
Alya Almarzooqi’s diversity of professional skills, resources and experience can be leveraged across a wide range of client engagement situations.
