The client has presented all required financial statements with the exception of the statement of cash flows. The auditor has completed the audit and is satisfied that everything, with the exception of the missing statement, is presented fairly. As a result, the auditor would likely issue
A) a qualified opinion.
B) an unqualified opinion.
C) a disclaimer of opinion.
D) either an unqualified or qualified opinion.

Question

Quizplus · Accepted Answer

A qualified opinion is issued when the auditor concludes that, except for the effects of the matter(s) to which the qualification relates, the financial statements are presented fairly. In this case, the absence of the statement of cash flows would lead to a qualified opinion.

The Client Has Presented All Required Financial Statements with the Exception