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What is the difference between adverse opinion and disclaimer of opinion ?

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Question ajoutée par Muhammad Fiaz , GROUP MANAGER ACCOUNTS, FINANCE AND TAX , SMPL Group of Companies
Date de publication: 2014/06/23
Mubashir Shahzad
par Mubashir Shahzad , Oracle Functional Consultant/ERP Business Analyst , Jaffer Business System

adverse opinion: when auditor nad client have disagrement on certain issues, which client does not correct whether it is related to accounting policies or provisons etc, then in dealock, auditor will issue adverse opinion.

disclaimer: when there is no sufficient evidence and data to perform testing then auditor will issue disclaimer of opinion, for e.g. auditor were not able to observe the inventory count which was a major component of balance sheet.

 

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