what type or types of audit opinion are appropriate when financial statements are materially and pervasively misstated?

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10-12-2022
Business

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what type or types of audit opinion are appropriate when financial statements are materially and pervasively misstated?

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charithran8975 charithran8975 · Answer 1 · 2022-12-15T17:09:51+01:00

The type of audit opinion that are appropriate when financial statements are materially and pervasively misstated are qualified/adverse opinion.

When the auditor determines that misstatements, whether they are made individually or collectively, are both material and pervasive to the financial statements, they should express an adverse opinion.

In accordance with generally accepted accounting principles, a qualified opinion states that, excluding the effects of the matter(s) to which the qualification relates, the financial statements fairly present the entity's financial position, results of operations, and cash flows in all material respects. Read the paragraphs.

According to a negative opinion, the financial statements do not accurately reflect the entity's financial situation, operational results, or cash flows in accordance with generally accepted accounting standards.

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