Unqualified, standard

1. Unqualified, explanatory paragraph

2. Qualified opinion because of departure from GAAP

3. Qualified scope and opinion

4. Disclaimer

5. Adverse

Case:

The audit of NewCo was staffed primarily by three new hires and a relatively inexperienced audit senior. The manager found numerous errors during the conduct of the audit and developed very long to-do lists for all members of the audit to complete before the audit was concluded. Although the manager originally doubted the staffs understanding of the audit procedures, by the time the audit was finished, he concluded that the new auditors did understand the company and the audit process and that no material errors existed in the financial statements.