An audit opinion that states that the financial statements are not fairly presented is referred to as a(n) A)Adverse opinion. B)Limited assurance opinion. C)Negative opinion. D)Unqualified opinion.

Question

Quizplus · Accepted Answer

An adverse opinion is given when the auditor concludes that the financial statements are not fairly presented in accordance with the applicable financial reporting framework. A limited assurance opinion is given when the auditor is unable to obtain sufficient evidence to support an unqualified opinion. A negative opinion is not a recognized type of audit opinion. An unqualified opinion is given when the auditor believes the financial statements are fairly presented in accordance with the applicable financial reporting framework.

An Audit Opinion That States That the Financial Statements Are