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Unmodified opinion

Audit report contains an unmodified opinion when financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework and represent a true and fair view of the entity.

Standard opinion

Is issued when the auditor feels that the financial statements show a true and fair view and no material misstatements exists.

Emphasis of matter paragraph

A paragraph included in the auditor's report that refers to a matter appropriately presented or disclosed in the financial statements that, in the auditor judgement, is of such importance that it is fundamental to users understanding of the financial statements.