Nonissuer Reports and Issuers Reports

Qualified Opinions for Nonissuers

  • Changes in report headings include:

    • Opinion section: States "Qualified Opinion"

    • Basis for opinion section: States "Basis for Qualified Opinion"

  • Opinion paragraph includes:

    • "In our opinion, except for the effects of…" detailing the qualification.

  • Two changes in the basis for opinion section:

    • New paragraph added detailing and quantifying the issue.

  • Management's responsibility paragraph remains unchanged.

Adverse Opinions for Nonissuers

  • Heading changes:

    • Opinion section: States "Adverse Opinion"

    • Basis for opinion section: States "Basis for Adverse Opinion"

  • Opinion paragraph includes:

    • "In our opinion, because of the significance… do not present fairly."

  • Two changes in the basis for opinion section:

    • New paragraph added explaining the reason for modification.

  • Management's responsibility paragraph remains unchanged.

  • Critical audit matters section omitted for adverse opinions.

Qualified and Adverse Opinions for Issuers

  • Qualified Opinions:

    • No heading changes unless it's a disclaimer of opinion.

    • Opinion section includes:

    • "Except for the effects… as discussed in the following paragraph."

    • Description of financial statement issue in following paragraph.

  • Adverse Opinions:

    • No changes in headings unless it is a disclaimer of opinion.

    • Opinion paragraph includes:

    • "Because of the effects discussed in the following paragraph… do not present fairly."

    • Description of financial statement issues may require multiple paragraphs.

    • Critical audit matters section omitted for adverse opinions.