If the phrase "except for" is present in the opinion paragraph of the audit report, the auditor has issued a(n):
A) adverse opinion.
B) disclaimer opinion.
C) unqualified opinion.
D) qualified opinion.

Question

Quizplus · Accepted Answer

The phrase "except for" indicates that the auditor is issuing a qualified opinion, which means that the financial statements are fairly presented except for a specific material departure from GAAP or IFRS.

If the Phrase "Except For" Is Present in the Opinion