In this lesson, Nick Palazzolo explains the concept of unmodified or unqualified audit opinions. These opinions are given when financial statements do not have any material issues or departures from GAAP (Generally Accepted Accounting Principles). However, there are certain situations when departing from GAAP may be allowed, such as when following GAAP would lead to misleading financial statements for investors. The lesson also covers various factors to be considered when issuing an unmodified opinion, such as reviewing for material weaknesses, violations of laws or regulations, or instances of noncompliance with GAAP. An example of an unmodified audit opinion is provided for further understanding of the format and language used.
Lesson: Unmodified/Unqualified Opinions
In this lesson, Nick Palazzolo explains the concept of unmodified or unqualified audit opinions. These opinions are given when financial statements do not have any material issues or departures from GAAP (Generally Accepted Accounting Principles). However, there are certain situations when departing from GAAP may be allowed, such as when following GAAP would lead to misleading financial statements for investors. The lesson also covers various factors to be considered when issuing an unmodified opinion, such as reviewing for material weaknesses, violations of laws or regulations, or instances of noncompliance with GAAP. An example of an unmodified audit opinion is provided for further understanding of the format and language used.
Updated: June 22, 2023 Create an account