The term "unqualified audit opinion" is commonly used when referring to an audit report having which characteristic?
A)The auditor who performed the audit was not properly licensed as a CPA.
B)The auditor has no need to call attention to anything wrong with the audit work or the financial statements.
C)The auditor conducted the audit according to a different set of standards than GAAS.
D)That auditor is reporting on financial statements that are not limited to specific reporting period.

Question

Quizplus · Accepted Answer

An unqualified audit opinion means that the auditor has no need to call attention to any material misstatements found in the financial statements or any issues with the audit work. This is a positive result indicating that the financial statements are fairly presented in all material respects in accordance with the applicable financial reporting framework (e.g. GAAP). Choices A, C, and D are incorrect because they are not related to the characteristic of an unqualified audit opinion.

The Term "Unqualified Audit Opinion" Is Commonly Used When Referring