An unqualified opinion should set off alarm bells to view the firm's financial statements with extreme skepticism.

Question

Quizplus · Accepted Answer

An unqualified opinion in an audit report indicates that the auditor believes the financial statements present the firm's financial condition, results of operations, and cash flows accurately, in conformity with generally accepted accounting principles (GAAP). It is considered a clean opinion, suggesting the financial statements are reliable.

An Unqualified Opinion Should Set Off Alarm Bells to View