Will the report be qualified or unqualified in the following situation?
Our firm has been engaged to audit the XYZ Company( a public company) which is 52 % owned by JP Morgan Chase Inc. Our audit report will be forwarded to Price Waterhouse so that they can complete their audit to JP Morgan Chase which is ongoing. Please give guidance to the audit team that will audit XYZ Company as if applies to what kind of audit report will be issued provided that the findings of the audit warrant an unqualified report.