The independent auditor's report consists of standard sections such as the opinion paragraph, the basis for opinion, key audit matters where applicable, and the responsibilities of management and the auditor. The opinion may be unmodified, qualified, adverse or a disclaimer of opinion.
The report is published together with the financial statements; for listed companies it is disclosed on the Public Disclosure Platform (KAP). Its structure is governed by BDS 700 and related standards.
Source: BDS 700
Related terms
Unmodified opinionThe opinion the auditor expresses on concluding that the financial statements are presented, in all material respects, in accordance with the applicable financial reporting framework.Qualified opinionThe opinion the auditor expresses when misstatements, or a lack of evidence, are material but not pervasive.Adverse opinionThe opinion in which the auditor states that the financial statements are not presented fairly, where misstatements are both material and pervasive.Disclaimer of opinionA type of report in which the auditor does not express an opinion because sufficient appropriate audit evidence could not be obtained and the possible effects could be both material and pervasive.Key audit mattersMatters that, in the auditor's professional judgement, were of most significance in the audit of the current-period financial statements and are described separately in the report.Agreed-upon proceduresAn engagement in which the practitioner performs procedures agreed with the entity and, where relevant, a third party, and reports only the findings without providing assurance.
Last updated: October 22, 2026 · This definition is for general information only.