What Is a Qualified Opinion?A qualified opinion is a statement issued in an auditor's report that accompanies a company's audited financial statements. It is an auditor's opinion that suggests the financial information provided by a company was limited in scope or there was a material issue with regard to the application of generally accepted accounting principles (GAAP)—but one that is not pervasive. Show
Qualified opinions may also be issued if a company has inadequate disclosures in the footnotes to the financial statements. Key Takeaways
Understanding a Qualified OpinionA qualified opinion may be given when a company’s financial records have not followed GAAP in all financial transactions, but only if the deviation from GAAP is not pervasive. The term "pervasive" can be interpreted differently based on an auditor's professional judgment. However, to not be pervasive, the misstatement must not misrepresent the factual financial position of the company as a whole and should not have an effect on the decision-making of financial statement users. A qualified opinion may also be given due to a limitation of scope in which the auditor was not able to gather sufficient evidence to support various aspects of the financial statements. Without sufficient verification of transactions, an unqualified opinion may not be given. Inadequate disclosures in the notes to the financial statements, estimation uncertainty, or the lack of a statement of cash flows are also grounds for a qualified opinion. How a Qualified Opinion Is RepresentedA qualified opinion is listed in the third and final section of an auditor’s report. The first section of the report outlines management’s responsibilities in regards to preparing the financial statements and maintaining internal controls. The second section outlines the auditor’s responsibilities. In the third section, an opinion is given by the independent auditor regarding the company’s internal controls and accounting records. The opinion may be unqualified, qualified, adverse, or a disclaimer of opinion. A qualified opinion states that the financial statements of a corporate client are, with the exception of a specified area, fairly presented. Auditors typically qualify the auditor's report with a statement such as "except for the following," when they have insufficient information to verify certain aspects of the transactions and reports being audited. A qualified opinion is not so severe that it indicates that a business is doing poorly or that a company has hidden or falsified information, but rather, that the auditor simply cannot give an issue free report. The auditor may specify that they believe the overall audit to be true and factual but will specify the area that they believe is the issue. Qualified Opinion vs. Other OpinionsA qualified opinion is a reflection of the auditor’s inability to give an unqualified, or clean, audit opinion. An unqualified opinion is issued if the financial statements are presumed to be free from material misstatements. It is the most common type of auditor's opinion. If the issues discovered during the audit result in material misstatements that would affect the decision making of the financial statement users, the opinion is escalated to an adverse opinion. The adverse opinion results in the company needing to restate and complete another audit of its financial statements. A qualified opinion is still acceptable to most lenders, creditors, and investors. In the event that the auditor is unable to complete the audit report due to the absence of financial records or insufficient cooperation from management, the auditor issues a disclaimer of opinion. This is an indication that no opinion over the financial statements was able to be determined. Similar Questions Asked By: Jesus Jenkins Date:
created: Aug 12 2021 Answered By: Joseph Hayes Date: created: Aug 13 2021 When businesses provide a complete set of financial statements and footnotes that cover all years presented for comparison, auditors should always issue an unqualified opinion. Asked By: Harold Smith Date: created: Jun 05
2022 Answered By: Sebastian Howard Date: created: Jun 07 2022 The engagement teams knowledge and prior experience of the subject under consideration, as well as the nature, complexity, and materiality of the subject under consideration, would all be taken into account by the auditor when deciding whether or not to use the
expertise of an expert. Asked By: Charles Walker Date: created: Jan 05 2022 Answered By: David Martin Date: created: Jan 08 2022 The application of accounting principles has materially changed between periods. The audit has significant scope restrictions. These are the scenarios under which the auditors might withdraw
their opinion. Asked By: Richard Simmons Date: created: Aug 10 2021 Answered By: Brian Martinez Date: created: Aug 12 2021 A. The auditors responsibility is to make a specific assessment of the entitys ability to continue as a going concern. Which of the following
statements best describes the auditors responsibility regarding the appropriateness of the going concern assumption in the preparation of the financial statements? Asked By: Jacob Walker Date: created: Nov 16 2021 Answered By: Harold Henderson Date: created: Nov 18 2021 The auditor cannot obtain the audited
financial statements of a consolidated investee, in which case the auditor would not express an unmodified opinion? Asked By: Morgan Thomas Date: created: Aug 07 2021 Which of the following conditions or events most likely would cause an auditor to have a substantial doubt about an entitys ability to continue as a going concernAnswered By: Donald Wright Date: created: Aug 08 2021 Usual trade credit from suppliers is denied, which of the following circumstances or events most likely would lead an auditor to have serious concerns about an entitys ability to continue as a going concern? Asked By: Alan Jackson Date: created: Jul 16 2022 Which of the following is the most important for an IS auditor to consider when reviewing a service level agreement with an external IT service providerAnswered By: Diego Roberts Date: created: Jul 16 2022 The provisions for independent audit reports or full audit access should be an IS auditors MAJOR concern when reviewing the contract and related service level agreement between the organization and vendor. Asked By: Francis Lewis Date: created: Sep 10 2021 Which of the following would be considered a change that affects comparabilityAnswered By: Louis Hernandez Date: created: Sep 11 2021 4. One accounting change that affects comparability and necessitates an explanation or emphasis-of-matter paragraph in the audit report is a change in accounting estimate. Asked By: Anthony Perez Date: created: Jun 20 2022 What five circumstances are required for an unqualified opinionAnswered By: Lewis Thomas Date: created: Jun 21 2022 The balance sheet, income statement, statement of retained earnings, and statement of cash flows are all included in the financial statements, and the three general standards have been adhered to in all material respects on the engagement. 3-6 An unqualified report may be issued under the following five conditions. Asked By: George Griffin Date: created: Jun 24 2021 In which of the following circumstances may the auditor issue an unqualified standard audit reportAnswered By: Chase Parker Date: created: Jun 25 2021 When the entity changed accounting principles with an immaterial impact on the entitys financial position, results of operations, and cash flows, qualified opinion or an adverse opinion, auditors may still issue the standard (unmodified) report on the entitys financial statements. Asked By: Harry Wilson Date: created: Jan 03 2022 What is an unqualified opinion in auditingAnswered By: Hugh Collins Date: created: Jan 03 2022 An independent auditors determination that a companys financial statements are fairly and appropriately presented, devoid of any clearly stated exceptions, and in accordance with generally accepted accounting principles (GAAP) is known as an “unqualified opinion.” Asked By: Antonio Roberts Date: created: Mar 18 2022 Which of the following statements best describes what is meant by an unqualified audit opinionAnswered By: Walter Mitchell Date: created: Mar 18 2022 A client has used an improper method of accounting for its pension liability on the balance sheet. The resulting misstatement is moderately material, but the auditor does not consider it to be pervasive. Which of the following best describes what is meant by an unqualified audit opinion? Asked By: Gerld Collins Date: created: Sep 27 2021 Which of the following circumstances most likely would cause an auditor to suspect that there areAnswered By: Landon Mitchell Date: created: Sep 30 2021 Significant discrepancies between the physical inventory count and the accounting records are not investigated, which is most likely to lead the auditor to believe that there are material misstatements in the entitys financial statements. Asked By: Walter Lopez Date: created: May 14 2022 Which of the following is not a major element of an unqualified unmodified audit report of a public companyAnswered By: Eric Perez Date: created: May 17 2022 The fundamental components of a standard unqualified/unmodified report are all of the following, with the exception of the statement that although estimates are believed to be reasonable, there are frequently discrepancies between actual and estimated results. Asked By: Douglas Turner Date: created: Feb 19 2022 In which circumstances would an auditor be most likely to express an adverse opinionAnswered By: Landon Reed Date: created: Feb 19 2022 8. When the auditor determines that misstatements, either individually or collectively, are material and pervasive to the financial statements, the auditor must express an adverse opinion after gathering sufficient appropriate audit evidence. Asked By: Hunter Sanders Date: created: May 07 2021 In which situation would the auditor be choosing between except for qualifiedAnswered By: Cole Patterson Date: created: May 07 2021 C. The auditor lacks independence. In which circumstance would the auditor be required to choose between an “except for” qualified opinion and an adverse opinion? Asked By: Keith Wilson Date: created: Mar 30 2021 What is unqualified opinion vs qualified opinionAnswered By: Oscar Mitchell Date: created: Apr 02 2021 An unqualified opinion is given if it is believed that there are no material misstatements in the financial statements, and it reflects the auditors inability to provide a clean, unqualified audit opinion. Asked By: Stanley Wright Date: created: Feb 21 2022 What is an unqualified audit report quizletAnswered By: Lewis Simmons Date: created: Feb 22 2022 A report that states the financial statements are presented fairly, in all material respects, and are in compliance with GAAP is known as an unqualified audit report.
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Under what circumstances would an auditor issue a qualified opinion?A qualified opinion may be given when a company's financial records have not followed GAAP in all financial transactions, but only if the deviation from GAAP is not pervasive. The term "pervasive" can be interpreted differently based on an auditor's professional judgment.
In which situations would an auditor issue a qualified opinion on a company's financial statements?A qualified opinion is often given when the business being audited did not follow the generally accepted accounting principles (GAAP) when preparing their financial statement.
In which of the following situations would an auditor ordinarily issue an unqualified unmodified financial statement?In which of the following situations would an auditor ordinarily issue an unqualified/unmodified financial statement audit opinion with no explanatory (or emphasis-of-matter/other-matter) paragraph? The auditor decides not to refer to the report of another auditor as a basis, in part, for the auditor's opinion.
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In which of the following circumstances would an auditor usually choose between issuing a qualified
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