Auditing Practice Questions:

40. T/F. Adverse Opinion is generally issued by auditors when the auditors conclude that the financial statements of the client as presented do not reflect the true financial position, the results of operations and cash flow of its operations in accordance with GAAP, 507. 41. T/F. A disclaimer Opinion is generally issued by auditors when the auditors do not express an opinion on the fairness of the entity's financial statements because of pervasive scope limitation, and going concern uncertainties. 42. T/F. Qualified Opinion are only given when auditors have encountered material departures from GAAP and material scope limitations during the course of the audit