A negative opinion in a limited assurance engagement:
A) is not as strong an opinion as a positive opinion
B) normally is not based on detailed substantive or control testing
C) expresses the opinion that nothing has come to the attention of the practitioner to suggest that the outcome is not in compliance with the criteria
D) all of the above are true concerning negative opinions

Question

Quizplus · Accepted Answer

In a limited assurance engagement, a negative opinion (also known as a review engagement) is indeed not as strong as a positive opinion (which is typically given in an audit), is generally not based on detailed testing of controls or substantive procedures, and expresses that nothing has come to the practitioner's attention that the financial statements are not in accordance with the applicable financial reporting framework. This makes all the provided statements true concerning negative opinions.

A Negative Opinion in a Limited Assurance Engagement