Definition of pre-tax: The gross amount paid for a good or service before taxes are taken out. Pre-tax exists in various financial transactions, such as wages paid, healthcare plans, childcare plans, and retirement ... Dictionary Term of Day Articles Subjects Sign Up BusinessDictionary
Unqualified Opinion. Often called a clean opinion, an unqualified opinion is an audit report that is issued when an auditor determines that each of the financial records provided by the small business is free of any misrepresentations.n audit report is an appraisal of a small businessâs complete financial status. Completed by an independent accounting professional, this document covers a companyâs assets and liabilities, and presents the auditorâs educated assessment of the firmâs financial position and future.
To me there is no difference between the two terms as they concludes one and the same thing. Auditing Standards use both terms to mean one and the same thing. But it has been observed that the term Unmodified opinion is used more often in standards instead of Unqualified opinion.Some authors try to differentiate between these two terms as follows:Unmodified opinion is the opinion where auditor expresses an opinion that financial statements are presented, in all material respects, in accordance with applicable financial reporting framework.ome authors try to differentiate between these two terms as follows: Unmodified opinion is the opinion where auditor expresses an opinion that financial statements are presented, in all material respects, in accordance with applicable financial reporting framework.