An omission in the notes to the financial statements that is so serious that even a qualified opinion is not justified would result in:
A) A disclaimer.
B) An unqualified opinion.
C) An adverse opinion.
D) A consistency exception.

Question

Quizplus · Accepted Answer

An adverse opinion is issued when the auditor determines that the financial statements of an entity are materially misstated and do not present a true and fair view of the entity's financial position. An omission so serious that it prevents a qualified opinion would necessitate an adverse opinion, as it indicates that the financial statements as a whole are not reliable.

An Omission in the Notes to the Financial Statements That