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7 Cards in this Set
- Front
- Back
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Adverse opinion
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a report issued when the auditor believes the financial statements are so materially misstated or misleading as a whole that they do not present fairly the entity's financial position or the results of its operations and cash flows in conformity with GAAP
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Combined report on financial statements and internal control over financial reporting
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audit report on the financial statements and the effectiveness of internal control over financial reporting required for public companies under Section 404 of the Sarbanes-Oxley Act.
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Disclaimer of Opinion
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a report issued when the auditor is not able to become satisfied that the overall financial statements are fairly presented or the auditor is not independent
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Material Misstatement
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a misstatement in the financial statements, knowledge of which would affect a decision of a reasonable user of the statements
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Qualified Opinion
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a report issued when the auditor believes that the overall financial statements are fairly stated but that either the scope of the audit was limited of the financial data indicated a failure to follow GAAP
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Standard Unqualified Audit Report
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the report a CPA issues when all auditing conditions have been met, no significant misstatements have been discovered and left uncorrected, and it is the auditor's opinion that the financial statements are fairly stated in accordance with GAAP
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Unqualified audit report with explanatory paragraph or modified wording
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an unqualified report in which the financial statements are fairly presented, but the auditor believes it is important, or is required, to provide additional information.
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