Define the term 'modified opinion and unmodified opinion' as per Auditing Standard 3-on forming an opinion' (CSAS-3) issued by the ICSI.

Modified Opinion The Auditor shall express modified opinion when the Auditor concludes that: based on the Audit Evidence obtained, there is non-compliance with the applicable laws in terms of timelines or process; or based on the Audit Evidence obtained, the Records as a whole are not free from Misstatement; or are not maintained in accordance with applicable laws; or he is unable to obtain sufficient and appropriate Audit Evidence to conclude that there is due compliance with the applicable laws in terms of timelines and process; or he is unable to obtain sufficient and appropriate Audit Evidence to conclude that the Records as a whole are free from Misstatement; or are maintained in accordance with applicable laws. Whenever the Auditor expresses a modified opinion or disclaims an opinion, the text of the opinion shall be either in italics or bold letters. Unmodified Opinion The Auditor shall express an unmodified opinion when based on Audit Evidence, the Auditor concludes that: there is due compliance with the applicable laws in terms of timelines and process; and the records as relevant for the audit verified by him as a whole are free from misstatement and maintained in accordance with the applicable laws.