What is audit opinion ? Describes Qualified, Adverse, disclaimer audit opinion
Audit opinion:
The audit opinion is that part of the auditor's report to the members of an entity in which the auditor expresses his opinion on the extent to which the financial statements are materially misstated
Describes Qualified, Adverse, disclaimer audit opinion
Qualified audit Opinion
The auditor shall express an qualified audit opinion, when the auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in the aggregate, are material, but not pervasive, to the financial statements; or
Adverse audit Opinion
The auditor shall express an adverse audit opinion when the auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in the aggregate, are both material and pervasive to the financial statements.
Disclaimer audit Opinion (When extremely rare circumstances)
The auditor shall express an disclaimer audit opinion when the auditor is unable to obtain sufficient appropriate audit evidence and the auditor concludes that the possible effects on the misstatements,that is undetected to the financial statements. if any, could be both material and pervasive.