Lesson: Types of Audit Opinions

In this lesson, Nick Palazzolo, CPA, discusses the different types of audit opinions and the circumstances in which each is applicable. The four types covered include a disclaimer of opinion, a qualified opinion, an adverse opinion, and a clean or unmodified opinion. Nick explains the difference between material and pervasive issues and how they impact the type of opinion issued, with examples from real auditing situations. Additionally, there is a distinction made between unqualified opinions for issuers and unmodified opinions for non-issuers, though they are quite similar. By the end of this lesson, listeners will have a deeper understanding of the various audit opinions and when to apply them in their practice.