In this lesson, Nick Palazzolo discusses various reasons that may lead an auditor to disclaim an opinion or withdraw from an engagement entirely. He covers situations such as significant scope limitations that cannot be addressed through additional substantive testing, client refusal to provide necessary permissions or documentation, inability to determine the extent of a pervasive fraud scheme, and lack of auditor independence. Additionally, Nick explains the language used for disclaiming an opinion in an auditor's report and emphasizes the need for auditors to exhaust all alternate procedures before making the decision to disclaim or withdraw.
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