Qualificatory Notes

>> November 14, 2012

When an auditor prepares the in-comprehensive report of his audit, at that time, he will write his doubts or negative points which he found during the the audit. So, collection of all his doubts or negative points is called qualifactory notes.

Learn it with Following Example :

Suppose, A chartered accountant has taken the responsibility of auditing XYZ Company. In his audit report, he writes following qualifactory notes:

" On the basis of  given information and explanation, we have given our opinion that the accounts, notes attached and financial documents are correct and proper but

(A) There is not sufficient depreciation on the capitalized assets.

(B) Valuation of Stock is on market value which is more than its cost value. "


A Chartered Accountant & Association 

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