What are the three basic types of audit opinion, and what is the meaning of each? Which type of opinion is the most favorable? Which is the most negative?
What will be an ideal response?
• An unqualified opinion is the most favorable opinion auditors can express. It means the auditor believes the financial statements are in compliance with GAAP without material qualification, reservation, or exception.
• The most negative report an auditor can issue is an adverse opinion. An adverse opinion means that one or more departures from GAAP are so material the financial statements do not present a fair picture of the company's status.
A qualified opinion falls between an unqualified and an adverse opinion. A qualified opinion means that for the most part, the company's financial statements are in compliance with GAAP, but the auditors have reservations about something in the statements.
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Mandy's car is stolen and she files a claim with her PAP insurer. Which of the following items will not be paid for by her Other than Collision coverage?
A) the actual cash value of the car B) the car's factory-installed GPS navigational system, worth $999 C) her cell phone that had a built-in GPS navigational system D) None of the above; all these items would be covered by her policy.
A small claims court: A) is a court where diversity cases are heard
B) is a court where no attorneys are used. C) is a general jurisdiction court. D) is part of the federal system.
Calculate the mean of this sample.
A row-and-column subset ____ consists of a subset of the rows and columns in some individual table
a. view b. trigger c. index d. catalog