An 'Except For' opinion is one of the two qualified opinions that an auditor can render, indicating that the financial statements present the financial position fairly except for certain specified conditions requiring disclosure.
An audit report is a formal opinion or disclaimer issued by an auditor as a result of an audit or evaluation of an entity’s financial statements. It represents the auditor's findings and communicates them to the stakeholders.
An auditors' report, also known as an audit report, is an official opinion issued by auditors appointed to examine the financial statements of a company or organization. The report provides an independent assessment of whether the financial statements present a 'true and fair view' of the company's financial performance and comply with regulatory requirements. It plays a crucial role in ensuring transparency and accountability in financial reporting.
A disclaimer of opinion is a statement made by an auditor indicating that they could not obtain sufficient evidence to form an opinion on the financial statements due to a significant limitation on the scope of the audit.
Limitation of scope refers to restrictions or constraints that may prevent auditors from obtaining sufficient and appropriate evidence to form an audit opinion. This can significantly impact the reliability and comprehensiveness of the audit report.
A subsequent event is a material happening that occurs after the date of the financial statements but before the audit report is issued. Footnote disclosure is required to inform financial statement users properly. Typically, such events have a significant impact on financial position or earning capacity.
