In this lesson, Nick Palazzolo, CPA, discusses the process of selecting the correct audit opinion for each audit engagement. He explains the difference between financial statement issues and audit issues and dives into the importance of considering whether a misstatement or problem is material and pervasive. An easy-to-understand flowchart is provided to guide through the decision-making process when determining whether to give a clean opinion, qualified opinion, adverse opinion or disclaim an opinion based on the circumstances. This lesson offers essential insights to help understand the various audit opinions and their application in real-world situations.
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