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Audit opinions: what are they and when are they used.

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What types of opinions does an auditor issue other than unqualified? How does an opinion other than unqualified affect the client? In your opinion, which is the worst? What are the circumstances that warrant each type of opinion?

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Solution Summary

The solution discusses the four types of audit opinions and presents examples of situations for which a particular opinion might be used.

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Following is a list of the types of opinions for audit reports:

a. A qualified opinion
b. An unqualified opinion
c. An adverse opinion
d. A disclaimer of opinion

The qualified opinion can take many forms but is basically a modified opinion in which the auditor states the type of problem and then proceeds to state whether the modification affects the overall opinion of the entity. In some ...

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