Question: QUESTION 3 (a) The audit report is the final step in the entire audit process. Explain the five categories of audit reports namely; (i)

QUESTION 3 (a) The audit report is the final step in the

QUESTION 3 (a) The audit report is the final step in the entire audit process. Explain the five categories of audit reports namely; (i) standard unqualified (ii) unqualified with explanatory paragraph or modified wording (iii) qualified (iv) adverse (v) disclaimer (11 marks) (b) Define materiality as it is used in audit reporting and explain the conditions, which will affect the auditor's determination of materiality. (4 marks)

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