Auditors in Dubai make certain judgmental assumptions before finalizing their audit reports. Such judgments also known as opinions are reflected in the audit report, which is the most crucial outcome of the audit process. An audit opinion is the most critical aspect of an audit report as it provides to the investors a statement of the company’s financial status. The report prepared by audit firm Spancom technologies in Dubai will be analyzed by the investors to make investment decisions based on the information contained in it.
Investors rely upon the audit opinion as it reflects the integrity of the audit report and projects a true and accurate image of the company. Auditors form an audit opinion based on various factors such as how available the data was to them, whether they had an opportunity to follow all due procedures, the level of materiality and other related issues. All of these matters are subjective and depend on the auditor’s opinion. There are mainly four types of audit reports that the opinions of an auditor. They are;
1. Unqualified Opinion – Clean Report
Audit firms in Dubai may deliver an audit report with an unqualified opinion, which is often referred to as a clean report. A clean report with an unqualified opinion is the type of report that auditors in Dubai give most often. Since it’s a clean report, the companies also expect to receive a report with an unqualified opinion. An unqualified opinion is devoid of any adverse comments on the company’s financials and doesn’t contain any disclaimers about any clauses or the audit process.
A Clean Report indicates that the auditors are satisfied with the financial statements of the company. An Unqualified Opinion reflects an auditor’s belief that the company is compliant with governance principles and relevant laws. Investors, auditors, the company and the public consider such a report as free from material misstatements.
