#AskAronson: “Can you explain what a ‘standard audit opinion’ is?”

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The standard opinion for audits of financial statements conducted in accordance with “auditing standards generally accepted in the United States” (GAAS) explains which financial statements were covered in the audit, the basis of accounting (typically accounting principles generally accepted in the United States of America [GAAP]) applied in preparing the financial statements, management’s responsibility for the statements, the responsibilities of the auditor, and the auditor’s opinion as to whether the financial statements are fairly presented.

What Are the Different Types of Audit Report Modifications?

The three broad types of audit report modifications are: 1) qualified opinions, 2) adverse opinions, and 3) disclaimers …read more

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