QUALIFIED REPORT :-" Annual report of the auditors which contains previous discrepancies or errors discovered by the auditors during the audit is called Qualified Report."
In simple words we can say that audit report which contains objections is called qualified report.
SPECIMEN OF QUALIFIED REPORT
To,
The Shareholders,
Akash Ghee Company Ltd,
Ahmad Abad.
Gentleman!
We have examined the profit and loss accounts and the annexed balanced sheet of Akash Ghee Mills Ltd for the year ended June30, 2009 and report that
i. Inadequate provision has been made for plant and machinery.
ii. Investments have been valued cost price which is in excess of market price by Rs. 2,50,000/=
iii. We have not seen the title deeds of land shown in these accounts at a total cost Rs. 90,000/- to depreciation, subject to the above :
1. We have obtained all the informations and explanations which are required.
2. The profit and loss account and balance sheet are prepared in conformity with law.
3. The books of accounts have been kept report proper by the company according the companies act in our opinion.
4. Balance sheet exhibits the true and correct view of the state of the company's affairs according to the best of our informations given to us and shown to us.
5. In our opinion expenditure was incurred for the company's business purpose.
6. Business conducted during the year was according the objects of the company.
FF & Company
Charted Accountants,
Ahmad Abad May 10, 2010.
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