Audit Reports in Dubai
17 November, 2020
Auditing reports contain the opinion on the audit made by the independent auditor after going through the organization’s financial statements and other documents. Audit reports are made after an audit and are submitted to the management of the organization for which the audit was carried out.
The auditing report is the final product of auditing and it is extremely important to know about them. There are mainly four types of auditing reports:
- Unqualified opinion-clean report
An unqualified opinion report is a clean report which indicates that the company has clean financial operations and that it is functioning properly. A clean audit report shows that the auditor is satisfied with the functioning of the organization.
- Qualified opinion- Qualified report
Qualified audit reports are given when the auditor is not confident about a specific process or transaction. Qualified opinions may give a negative impression about the organization and are not usually preferred by the investors. When the companies fail to produce its records with GAAP, they tend to end up having a qualified audit report from the auditor.
- Disclaimer of Opinion-Disclaimer Report
The disclaimer audit report shows that the auditor refuses to give an opinion on the financial statements. This report is usually given when the auditor feels that the company had withdrawn themselves from conducting a thorough audit or if they are not satisfied with their findings. When the auditor is not able to put forward enough evidence to find good financial reporting, disclaimer audit reports are submitted. These reports do not project a good impression about the company.
- Adverse Opinion-Adverse Audit Report
The adverse audit report by an auditor is a black mark to the organization. It is given when the auditor finds huge material misstatement or irregularities and when they are not at all satisfied with the financial statements. This results in mistrust on the company by the investors and the government. The adverse audit reports indicate that there are traces of fraud and the financial reports of the company were not prepared according to the GAAP.
The auditing reports (Dubai) are made to reveal the reliability and accountability of an organization. It is the auditor who decides the transparency of an entity through the auditing reports in Dubai. HLB HAMT is a renowned auditor in Dubai who undertakes all kinds of auditing services. We have professionally qualified and well-experienced auditors who will cater to all your needs.
HLB HAMT offers internal and external audit services along with IT audit services. We also provide control system reviews, information systems audits and risk management. HLB HAMT is also an auditor approved by the banks of Dubai.
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