Required information Types of Audit Opinions Read the overview below and complete the activities that follow. After completing a financial statement audit, the auditor needs to assess the situation to determine the proper type of report to issue. Expressing an independent opinion on the fairness of financial statements is an attestation service most frequently provided by auditors. The opinion is expressed in the auditors' report CONCEPT REVIEW: Audit reports can be unmodified or modified. A report with an unmodified opinion may be a "standard report or can Include an emphasis of matter paragraph. A modified report can have an extra explanatory paragraph in connection with qualified opinion, adverse opinion, or disclaimer of opinion. Match each situation with the appropriate type of opinion to be issued. Unmodified Opinion Auditors have obtained sufficiently appropriate evidence to conclude that the financial statements are not materially misstated Adverse Opinion Auditors have doubt about a company's ability to continue as a going concern Unqualified Opinion with an Emphasis-of-Matter Paragraph The client has elected to not follow GAAP Disclaimer of Opinion A material misstatement is considered pervasive Adverse Opinion Auditors determine that the possible effects on the financial statements of the inability to obtain sufficient evidence (1.0. a scope limitation) could be both material and pervasive Reset