Another name for an "except for" audit opinion is a(n):
A)disclaimer of opinion.
B)qualified opinion.
C)adverse opinion.
D)unqualified opinion.

Question

Quizplus · Accepted Answer

An "except for" audit opinion is a qualified opinion. This type of opinion is issued when the auditor concludes that the financial statements are fairly stated except for a specific departure from generally accepted accounting principles (GAAP) or a specific limitation on the scope of the audit. It is better than a disclaimer of opinion or an adverse opinion, which indicate that the auditor could not express an opinion on the financial statements or that the financial statements are not fairly stated, respectively. It is not as favorable as an unqualified opinion, which indicates that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the entity in conformity with GAAP.

Another Name for an "Except For" Audit Opinion Is A(n)