An audit report is an appraisal of a small business's complete financial status. Completed by an independent accounting professional, this document covers a company's assets and liabilities, and presents the auditor's educated assessment of the firm's financial position and future. An unqualified audit report is an audit report that confirms that, in the opinion of the auditor, the financial statements of the entity represent a true and fair view of its financial position. Required: a) Explain the conditions that must be met before auditor can issue a standard unqualified report to the client. b) Discuss how materiality affects audit reporting decisions. c) In certain circumstances, an auditor will issue an unqualified report, but the wording will differ from that of a standard unqualified report. Discuss each of the five circumstances when an auditor would issue an unqualified report with an an explanatory paragraph or modified wording