P22 25 Required information Sections of an Audit Report [The fobowing information applies to the questions displayed below) Sections of an Audit Report The unqualified audit report is the most common type of audit report in this context, the term unqualified means that because the financial statements are free of material misstatements, the auditor does not find it necessary to qualify or modify e, specify any exceptions to the audit opinion, in other words, an unqualified junmodified opinion is a "clean" opinion. While it is fairly common for the auditor to find misstatements needing conection, audit chents are simost always willing to make the adjustments necessary to receive a clean opinion The audit report presented in Exhibit 1-1 is the standard type of unqualified audit opinion issued for publicly traded companies. For a public company audt, the auditor is also responsible to report on the company's internal control over financial reporting OCFR). The report on ICFR can be combined with the financial statement audit report or it can be presented separately. Part 2 Concept Check) The is (are) responsible for the financial statements 2. The auditor's report is the of an aud 3 An audit report includes a toe, addressee, the financial statements audited the auditors on the financial statements, the basis for the opinion, and the ortical audit matters and i 4. An opinion indicates that the financial statements are presented, 6. An audit report indicates that the audit evidence obtained is auditor's opinion so provide a basis for the