What is a disclaimer of opinion?
A disclaimer of opinion is a type of modified opinion that the audit team would issue if there are audit issues that are both material and pervasive. Audit issues can be better described as scope limitations, meaning the company prevented the audit team from performing the work necessary to form an audit opinion.
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What are the three types of modified opinions?
If the auditor has determined that, after performing all necessary audit procedures, that there are material departures from the conceptual framework, the auditor may issue a modified opinion. The three types of modified opinions include a qualified opinion, adverse opinion, and disclaimer of opinion.