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CPA Exams - Audit A1 > Modified Opinions Due to Financial Statement Issues A1 M5 > Flashcards

Modified Opinions Due to Financial Statement Issues A1 M5 Flashcards

1
Q

What are the key audit opinion phrases?

A
  • Unqualified/UnModified Opinion: In our opinion, the accompanying financial statements present fairly, in all material respects….in accordance with GAAP.
  • Qualified Opinion: In our opinion, except for the omission of information described in the basis for Qualified Opinion section in our report..
  • Adverse Opinion: In our opinion, because of the significance of the matter discussed in the basis for Adverse opinion section of our report, the accompanying consolidated financial statements, do not present fairly… ”
  • Disclaimer of Opinion: Scope limitations pertain to disclaimers of opinion
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CPA Exams - Audit A1 (11 decks)

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