Day 35: Q35| Accounts interview question series |Audit opinion
Автор: Dr Ashima Verma
Загружено: 2025-11-29
Просмотров: 81
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There are four main types of audit opinions that an independent auditor can issue regarding a company's financial statements:
1. Unqualified Opinion
Also known as a "Clean" or Unmodified Opinion, this is the most favorable type a company can receive. It means the auditor concludes that the financial statements are presented fairly, in all material respects, according to the applicable financial reporting framework, having obtained sufficient appropriate evidence without finding material misstatements. This offers stakeholders high assurance that the financial information is reliable.
2. Qualified Opinion
Issued when financial statements are generally fair, but contain specific issues. The auditor identifies a material misstatement or scope limitation that is not "pervasive". The opinion will use an "except for" phrase to detail the issue. This warns users about the specific exception.
3. Adverse Opinion
The most serious opinion, issued when financial statements have material and pervasive misstatements. This indicates the statements do not present a true and fair view and should not be relied upon. It signals significant problems and can damage reputation and investor confidence.
4. Disclaimer of Opinion
Issued when the auditor cannot express an opinion due to significant, pervasive scope limitations, such as missing records. This raises a major red flag as the reliability of financial information cannot be determined, implying high uncertainty
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