 In this presentation, we will take a look at the audit report for a standard unqualified opinion. Now the standard unqualified opinion is, as stated here, the standard type of opinion. This is by far the most common type of opinion. This is what we would expect within the audit report. Why? Because you'll recall that management is basically making the assertions that the financial statements that they have put together have been done so in accordance with some set of regulations or some set of rules or practices such as general accepted accounting principles. And therefore we would expect, hopefully, if given management's assertions that that would indeed be the case, we gather evidence in that within the audit process and then issue an opinion as to whether we believe that is the case or not. Hopefully it will be in which case we give the standard unqualified opinion. Now the unqualified language always seemed a little bit odd to me that the best report we have is unqualified, which doesn't seem like a positive term to me. I mean, if I hear unqualified, sometimes I think of someone in a race or something, they didn't qualify for the finals or something like that. But here unqualified means that there's no qualifications to the opinion. So in other words, we're going to say that the opinion is that the financial statements are in accordance with the generally accepted accounting principles and we don't have any qualifications to it. If there were qualifications, that would basically mean that there may be some deviation from generally accepted accounting principles in the way the financial statements were put together. And we would state that there's a qualified item in the report and then give examples or tell what that qualified item would be. There's going to be eight components, eight typical components to the standard unqualified audit reports. Those components include a title, the address, the opinion section. This is obviously getting to the meat of it, the critical part of it. This is what we're doing within the audit is providing an opinion. So we have the opinion section, then the basis for the opinion section, why we came to our opinion, the critical audit matters section, and then the name signature audit firm, and then an indication of how long the auditor has served as the company's auditor. And finally, the audit report location and date. So we're going to go through an example of a standard audit report. This could be a bit tedious as we go through the example because we'll actually read through an audit report. And normally I wouldn't really do this to actually read through paragraphs of information within a presentation type format, but you'll note that the report is a very standardized type of setup. And therefore, although there's deviations to some degree in the way the report is formatted, it's very systematic in the way the audit report is basically set up. So it's a good idea to actually go through and read through the basic template of an audit report to get an understanding of it, explanatory language. Sometimes there's our circumstances that require auditor to add explanatory language to the standard unqualified report. So in other words, we might have an unqualified report and there's no qualifications, but there might be some areas where we want to add some type of language to the standard report. So we're going to think, here's the standard report, here's the standard layout. And then there could be some areas where we still add something to the unqualified standard report without making it some other type of report such as a qualified type of report. And then of course, if there are qualifications, we would have to change the report from unqualified to some other listings such as a qualified type of report. So here we go with some components of the standard audit report, the unqualified report. So report of independent registered public accounting firm to the shareholders and board of directors of the company. So notice who we're addressing this to, the shareholders and the board of directors, that's typically going to be the case opinion on the financial statements. We have audited the consolidated balance sheet of company. So the company, whenever I say company, that's going to be whatever company that we are auditing opinion on the financial statements. And this is where really where the heart of the report comes into play here. We have the opinion on the financial statements. So we will read through