Explain and distinguish between:. I. Disclaimer of opinion. II. Qualified opinion and iii. Adverse opinion?

When Asking Project manager or Project director  about project progress status. that time i report  all kind of information give them as their required.

Disclaimer of Opinion: A disclaimer of opinion states that the auditor does not express an opinion on the financial statement.  It can happen if there is scope limitation imposed by client and also impairment of independence with client but if there is a scope limitation arise due to the uncontrollable act by client then auditor may be issued qualified opinion.

Qualified opinion. A qualified opinion states that, except for the effects of the matter(s) to which the qualification relates, the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the entity in conformity with generally accepted accounting principles.  If there is a GAAP Limitation and it is causing a pervasive effect in financial statements assertion then Disclaimer of Opinion must be issued

Adverse opinion. An adverse opinion states that the financial statements do not present fairly the financial position, results of operations, or cash flows of the entity in conformity with generally accepted accounting principles and it is pervasive effect in financial statements assertion if not may be qualified opinion can be issued.

1. A Disclaimer of opinion is issued if the auditors are not independent or their is a conflict of interest. When the limitation on scope is imposed by clients, as result the auditors are unable to obtain sufficient appropriate audit evidence.
2. A qualified opinion is a statement issued after an audit is done by a professional auditor that suggests the information provided was limited in scope and the company being audited has not maintained the appropriate accounting standards.
3. An adverse opinion is a red flag for the investors and can have major negative effects on stock prices. Auditors will usually give rend flag if the financial statements are significantly different from the accepted accounting standards.