Practice Quiz

RTRP - IRS Registered Tax Return Preparer Test

Category - ABFA General Topics

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What does a ‘qualified audit opinion’ refer to?
  1. Auditor is 100% sure about the authenticity of the financial statements
  2. Financial statements are not prepared as per the required financial standards
  3. Auditor will give the opinion later
  4. One or more areas of the financial statements do not adhere to auditing standards
Explanation
Answer: D - Qualified audit opinions are typically given due to a limitation of scope in which the auditor was unable to gather sufficient evidence.
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