A(n)________ is an auditor's opinion that the financial statements are fairly represented except for,or subject to,a departure from GAAPs,a change in accounting principles,or a material uncertainty.
A)unqualified opinion
B)qualified opinion
C)adverse opinion
D)disclaimer of opinion

Question

Quizplus · Accepted Answer

A qualified opinion is given when the auditor believes that the financial statements are fairly represented except for a specific departure from GAAPs, a change in accounting principles, or a material uncertainty, which is disclosed in the auditor's report. In contrast, an unqualified opinion is given when the auditor believes that the financial statements are fairly represented in all material respects and comply with GAAPs, while an adverse opinion is given when the financial statements are materially misstated in all material respects and do not comply with GAAPs, and a disclaimer of opinion is given when the auditor is unable to express an opinion due to a limitation in scope or a lack of independence.

A(n)________ Is an Auditor's Opinion That the Financial Statements Are