Which of the following phrases would auditors most likely include in their report when expressing a qualified opinion on the entity's financial statements because of inadequate disclosure?
A)"Subject to the departure from generally accepted accounting principles, as described below."
B)"With the foregoing explanation of these omitted disclosures."
C)"Except for the effects of the matter described in the Basis for Qualified Opinion Section of our report"
D)"Does not present fairly in all material respects."

Question

Quizplus · Accepted Answer

A qualified opinion is issued when the auditors conclude that, except for the effects of the matter to which the qualification relates, the financial statements present a true and fair view. The phrase "Except for the effects of the matter described in the Basis for Qualified Opinion Section of our report" accurately reflects this situation.

Which of the Following Phrases Would Auditors Most Likely Include