Although my scores show I'm struggling with audit, I believe this is one topic I have down. I recommend drawing a chart, doing your best to memorize it, and writing it down on your scrap paper when you walk in before starting the exam.
REPORT MODIFICATIONS:
Unqualified w/ added an explanatory paragraph ---- Inconsistent GAAP application, Going Concern, Emphasis of a matter, Justified GAAP departure. (remember "IG" for the first 2, the only two that require the added paragraph to go AFTER the opinion, others can be after or before)
Unqualified w/ all 3 paragraphs modified ---- shared report (referencing another auditor)
Unjustified GAAP departure --- Qualified or Adverse
Disclosures ---- Qualified or Adverse
Scope Limitation --- Qualified or Disclaimer
Going Concern --- Unqualified or Disclaimer
Independence --- Disclaimer
Also to comment on Kentucky1's list of Qualified Opinions:
It makes sense logically to issue a Qualified "except for" opinion when one of the basic FS is omitted, and people may do it in practice, but that thinking could steer you wrong on the test. Technically, reporting on only one of the basic financial statements does not preclude an unqualified opinion (AU508.33-34). However, I'm not sure what would happen if a company asked you to report on only the balance sheet, yet insisted on also presenting other unaudited financial statements.
Here's the relavent AU standards link taken from the PCAOB website:
AU 508.33
Limited reporting engagements.The auditor may be asked to report on one basic financial statement and not on the others. For example, he or she may be asked to report on the balance sheet and not on the statements of income, retained earnings or cash flows. These engagements do not involve scope limitations if the auditor's access to information underlying the basic financial statements is not limited and if the auditor applies all the procedures he considers necessary in the circumstances; rather, such engagements involve limited reporting objectives. [Paragraph renumbered by the issuance of Statement on Auditing Standards No. 79, December 1995.]
AU 508.34
An auditor may be asked to report on the balance sheet only. In this case, the auditor may express an opinion on the balance sheet only. An example of an unqualified opinion on a balance-sheet-only audit follows (the report assumes that the auditor has been able to satisfy himself or herself regarding the consistency of application of accounting principles):
BEC - 88
AUD - 69, 74, 93
FAR - 78
REG - 79
