Types of Audit Opinions:
These are types of Audits.
•Unmodified or Unqualified–Financial Statements are in conformity with GAAP–Unqualified (definition): Without reservation or limitation.
•Qualified/Adverse/Disclaimer–Other types of opinions, indicating some problem.
•Qualified: with the exception of one issue, the financial statements are presented in conformity with GAAP.
•Adverse: financial statements are not in conformity with GAAP.
•Disclaimer: auditor is unable to give an opinion on the financial statements.
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