Purchase Solution

Matching for Classifications of Audit Opinions

Not what you're looking for?

Ask Custom Question

An auditor's report is the formal presentation of all the effort that goes into an audit. Below is a list of the
classifications of audit opinions that can be found in an auditor's report as well as a list of phrases describing
the opinions.

Classifications of Audit Opinions

a. Unqualified opinion
b. Qualified opinion
c. Adverse opinion
d. Disclaimer of opinion

Phrases
_____1. This opinion states that the financial statements do not present fairly the financial position,
results of operations, or cash flows of the entity, in conformity with generally accepted accounting
principles.
_____2. This type of report is rendered when the auditor has not performed an audit sufficient in scope
to form an opinion.
_____3. This opinion states that, except for the effects of the matters to which the qualification relates,
the financial statements present fairly, in all material respects, the financial position, results of
operations, and cash flows of the entity, in conformity with generally accepted accounting principles.
_____4. This opinion states that the financial statements present fairly, in all material respects, the financial
position, results of operations, and cash flows of the entity, in conformity with generally
accepted accounting principles.

Purchase this Solution
Solution Summary

The solution Matches the classifications of Audit Opinions with their definitions.

Purchase this Solution
Free BrainMass Quizzes
Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

View More Free Quizzes
Related BrainMass Solutions

  • The Four Types of Audit Categories

    146723 The four types of audit classifications: (1) directly from outsiders, (2) ndirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.

  • Activity Based Costing

    The tax partners argue for assigning overhead on the basis of 40% of direct labor dollars, while the audit partners argue for implementing activity-based costing.

  • Uncover unrecorded liabilities and give audit procedures

    Rent may be for a lease that should be capitalized and therefore the lease obligation needs to be recorded. Audit procedure: review all leases for proper classifications. d.

  • The Certified Public Accountant role in the audit processes

    333166 What is the role of the Certified Public Accountant in the audit process? The role of the Certified Public Accountant in the audit processes is explained and validated with references.

  • Audit and Corporate Scandals

    In light of recent audit failures, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?

  • Audit procedure and financial assertion

    87836 Overview and Objectives of Audit Procedures 12-46 (Overview and Objectives of Audit Procedures) The following represents a critical review of the documentation of a new auditor for the cash and marketable securities audit areas.

  • Four Types of Auditor Opinions

    Why would a company get one of those opinions? An independent auditor is contracted to provide an audit opinion for a company's financial statements. The opinions provided are as follows: 1) Unqualified opinion.

  • Execution phase of budgeting

    Budget Execution and accounting classifications (e.g., TAS/TAFS, internal fund, program, project, activity) will use performance measurements in order to determine where to allocate the resources, matching budget with organization needs.

  • Auditing and Client Trust

    The auditor is the one who has the knowledge and the skill set to give accurate opinions for the efficiency of the audit. Gathering important client information will be key in conducting the audit.

View More Related Solutions