The 4 Types of Audit Opinions

This video discusses the 4 types of audit opinions that an external auditor may provide after conducting an audit. Companies hire an external auditor to provide an opinion as to whether their financial statements have been presented fairly, and the types of opinions that may be issued are: an unqualified opinion, a qualified opinion, an adverse opinion, and a disclaimer of opinion.

An unqualified opinion, also known as a clean opinion, is issued when the auditor believes that the financial statements are free of material misstatements. A qualified opinion is issued when the financial statements are free of material misstatements, except for a single issue of improper accounting or a single issue in which the scope of the audit was limited. An adverse opinion is issued when the auditor believes the financial statements do contain material misstatements. Finally, a disclaimer of opinion is issued when the auditor cannot provide an opinion as to whether the financial statements are fairly presented. This may occur because the independence of the auditor has been compromised, the scope of the audit has been severely limited, or there are significant uncertainties surrounding the company's financial statements.—
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.
—
SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS:
• A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING
• A 44-PAGE GUIDE TO U.S. TAXATION
• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS
• MANY MORE FREE PDF GUIDES
http://eepurl.com/dIaa5z

—
GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT
https://edspira.thinkific.com
—
LISTEN TO THE SCHEME PODCAST
Apple Podcasts: https://podcasts.apple.com/us/podcast...
Spotify: https://open.spotify.com/show/4WaNTqV...
Website: https://www.edspira.com/podcast-2/
—
GET TAX TIPS ON TIKTOK
  / prof_mclaughlin  
—
ACCESS INDEX OF VIDEOS
https://www.edspira.com/index
—
CONNECT WITH EDSPIRA
Facebook:   / edspira  
Instagram:   / edspiradotcom  
LinkedIn:   / edspira  
—
CONNECT WITH MICHAEL
Twitter:   / prof_mclaughlin  
LinkedIn:   / prof-michael-mclaughlin  
—
ABOUT EDSPIRA AND ITS CREATOR
https://www.edspira.com/about/