What Are the Types of Opinions Issued in an External Audit?
Auditors can issue different types of opinions based on their findings:
Unqualified Opinion: Indicates that the financial statements are free from material misstatements and are in accordance with the applicable accounting standards. Qualified Opinion: Suggests that except for certain issues, the financial statements are free from material misstatements. Adverse Opinion: Indicates that the financial statements are materially misstated and do not conform to accounting standards. Disclaimer of Opinion: Issued when the auditor is unable to obtain sufficient evidence to form an opinion on the financial statements.