13: Reporting Flashcards by Connor Mills

Q

What is a qualified opinion?

A

Material but not pervasive
Either misstatement/inability to obtain sufficient and appropriate evidence.

e.g. Except for …. the financial statements do show a true and fair view

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Q

What is a disclaimer opinion ?

A

Material and pervasive
Inability to obtain sufficient and appropriate evidence

e.g. we are unable to express an opinion as to whether the FS show a true and fair view due

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Q

What is an adverse opinion?

A

Material and pervasive
Misstatement (accounting policies/treatment/disclosures)
e.g. FS do not show true and fair view due to ….

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