What are the types of audit report opinions? When should an auditor issue each report?
What are the types of audit report opinions? When should an auditor issue each report?
Homework Answers
Opinion is a certain type of agreement or disagreement on any
matter. In audit there basically four types of audit report
opinions.
These are as follows :
- Qualified opinion
- Disclaimer of opinion
- Adverse opinion
- Unqualified opinion.
# Qualified opinion is given/issued by the auditor whenever the auditors find any conclusive evidence of materials misstatement or when the auditor is unable to obtain evidences to base an opinion in which auditors can say that the financial statements are free from material misstatement.
# Disclaimer of opinion is issued by the auditor whenever proper correct and sufficient audit evidence is not obtained by auditor and now the auditor issues a disclaimer of opinion that there can certain material misstatement in the financial statements.
# Adverse opinion is always issued by auditor whenever the auditor obtains certain conclusive evidence which proves that there are surely material misstatement in the financial statements.
#Unqualified opinion is given/issued by the auditor whenever there are conclusive evidences found by the auditor to prove that all the financial statements are free from any material misstatements.
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What are the types of audit report opinions? When should
an auditor issue each report?
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