Which of the following is a difference between an independent auditor's unqualified opinion and an independent auditor's qualified opinion?
A) An unqualified opinion is given if the independent auditor identifies minor concerns but believes that on balance the firm's statements are a fair representation of the company's financial position, whereas a qualified opinion is given if the independent auditor discovers widespread and serious problems with a firm's statements.
B) An unqualified opinion is given if the independent auditor identifies minor concerns but believes that on balance the firm's statements are a fair representation of the company's financial position, whereas a qualified opinion is given if the independent auditor has no problems with the way a firm's financial statements were prepared and presented.
C) An unqualified opinion is given if the independent auditor has no problems with the way a firm's financial statements were prepared and presented, whereas a qualified opinion is given if the independent auditor identifies minor concerns but believes that on balance the firm's statements are a fair representation of the company's financial position.
D) An unqualified opinion is given if the independent auditor discovers widespread and serious problems with a firm's statements, whereas a qualified opinion is given if the independent auditor has no problems with the way a firm's financial statements were prepared and presented.

Question

Which of the following is a difference between an independent auditor's unqualified opinion and an independent auditor's qualified opinion?​
A) An unqualified opinion is given if the independent auditor identifies minor concerns but believes that on balance the firm's statements are a fair representation of the company's financial position, whereas a qualified opinion is given if the independent auditor discovers widespread and serious problems with a firm's statements.
B) An unqualified opinion is given if the independent auditor identifies minor concerns but believes that on balance the firm's statements are a fair representation of the company's financial position, whereas a qualified opinion is given if the independent auditor has no problems with the way a firm's financial statements were prepared and presented.
C) An unqualified opinion is given if the independent auditor has no problems with the way a firm's financial statements were prepared and presented, whereas a qualified opinion is given if the independent auditor identifies minor concerns but believes that on balance the firm's statements are a fair representation of the company's financial position.
D) An unqualified opinion is given if the independent auditor discovers widespread and serious problems with a firm's statements, whereas a qualified opinion is given if the independent auditor has no problems with the way a firm's financial statements were prepared and presented.

Quizplus · Accepted Answer

An unqualified opinion indicates that the auditor has no reservations about the financial statements, while a qualified opinion indicates that there are minor issues, but overall the financial statements are fairly presented.

Which of the Following Is a Difference Between an Independent