When amounts are so material that an adverse opinion is required, the opinion statement must clearly state that the financial report:
A) does not present a true and fair view.
B) should not be relied on.
C) could not be audited.
D) is not free from material error.

Question

Quizplus · Accepted Answer

When amounts are so material that an adverse opinion is required, the opinion statement must clearly state that the financial report does not present a true and fair view. This means that the opinion is qualified, and the financial report should not be relied upon without taking into consideration the limitations of the opinion. The other choices are not accurate statements in this context.

When Amounts Are So Material That an Adverse Opinion Is