The most common type of audit report contains
A)an adverse opinion.
B)a disclaimer of opinion.
C)a modified opinion.
D)an unmodified opinion.

Question

Quizplus · Accepted Answer

An unmodified opinion is also known as a clean opinion, and it is the most common type of opinion issued by auditors. This means the financial statements are fairly presented in all material respects in accordance with the generally accepted accounting principles (GAAP). Adverse opinions and disclaimer of opinions are issued when there are significant issues with the financial statements or the auditors are unable to provide an opinion. Modified opinions indicate that the financial statements are materially misstated but not to the extent that they are misleading as a whole.

The Most Common Type of Audit Report Contains