[Anonymous]

What is the difference between Modified/Qualified and Disclaimer of Opinion? All I got from the definitions is that they both are a scope limitation. Besides that, the definitions didn’t really help much.

https://www.businessdictionary.com/definition/disclaimer-of-opinion.html

https://www.businessdictionary.com/definition/qualified-opinion.html

[Anonymous]

When choosing between a Qualified/Disclaimer of opinion it depends on how material it is…

Material= Qualified

VERY Material=Disclaimer

Qualified/Disclaimer = Lack of Evidence (Scope Limit), Going Concern or Lack of Independence

Hope this helps.

[littlenumberrobot]

to add to ^ you will never have a disclaimer for GAAP problems, only scope. I have struggled in the past with this also. Yaeger and Wiley focus on the very material being PERVASIVE vs just material. Hope this helps too!

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[Author]

Replies