Control weaknesses may be so serious that the issuance of an audit opinion is not possible.

Question

Quizplus · Accepted Answer

If the control weaknesses are so serious that they affect the overall reliability of the financial statements, the auditor may be unable to issue an opinion, known as a disclaimer of opinion. This indicates that the auditor is unable to express an opinion on the financial statements due to limitations in the scope of the audit or uncertainties that materially affect the information presented.

Control Weaknesses May Be So Serious That the Issuance of an Audit