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8 Terms
Unmodified / unqualified
unmodified = nonissuers, unqualified = issuers
Modifications to auditor’s opinion
1) f/s are materially misstated
2) evidence is insufficient to be sure that there are no materially misstatements
Pervasive
effect on the f/s when the auditor's professional judgement are not confined to specific elements and if they are they are substantial to the f/s, disclosures are fundamental to the financial statements
unmodified (nonissuers) /unqualified (issuers) opinion
none/imm issues to the financial stmts, f/s are good
qualified opinion
there are issues but financial statements are presented fairly
adverse opinion
f/s are not fairly presented
disclaimer of opinion
auditor expresses no opinion on the f/s