In which one of the following cases would an auditor issue a qualified opinion?
A)There is a highly material,and very pervasive departure from SFAS No.141 and No.142.
B)There is a change in accounting principles promulgated by the FASB.
C)There is an immaterial dollar misstatement on the financial statements.
D)There is a material departure from GAAP that is centered around two accounts.

Question

Quizplus · Accepted Answer

A material departure from GAAP, even if it is centered around two accounts, would result in a qualified opinion as it indicates that the financial statements are not presented fairly in accordance with GAAP. Other options are either immaterial or relate to changes in accounting principles or standards, which would not necessarily warrant a qualified opinion.

In Which One of the Following Cases Would an Auditor