[Anonymous]

What is the difference between unmodified and unqualified opinions? and Qualified vs Modified.. Does it have to do with issuer or nonissuer?

[kmgentil]

unmodified – Everything is good for a non-issuer (private company)
unqualified – Everything is good for an issuer (public company)
Modified opinion – A way of saying that the opinion is not all good.
Qualified (for scope limitation) – the opinion has been modified because of a lack of evidence that is somewhat material to the financials
Qualified (for GAAP reasons) – the opinion is modified because something is not conforming with GAAP which is somewhat material to the financials
Disclaimer of opinion – the opinion has been modified because of a lack of evidence that is very material to the financials
Adverse opinion – the opinion is modified because something is not conforming with GAAP which is very material to the financials

AUD - 92
BEC - 88
FAR - 84
REG - 90

AUD - 92 - 4/13/2018

BEC - 88 - 2/16/2018

FAR - 84 - 8/28/2018

REG - 90 - 6/9/2018

[Anonymous]

@kmgentil so in that case, qualified (for scope lijmitations) and (for GAAP reasons) can be expressed for both issuers and non issuers?

[TCav12579]

^ yes, the only difference in names is the unmodified/unqualified as described above… after that the types of opinions are interchangeable between issuer/nonissuer

AUD - 99

BEC - 6/8/18

FAR - 5/12/18

REG - 86

[Recked]

Word to the wise, don't get caught up on the PCAOB/Issuer vs non-issuer on the exam.
I believe these words are used interchangeably for exam purposes and I think those questions are what lead to me having a sub-90 score.

Just use common sense and don't get sucked into thinking UnQualified is for PCAOB only.

Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

[jeff]

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Iceman]

“Word to the wise, don't get caught up on the PCAOB/Issuer vs non-issuer on the exam.
I believe these words are used interchangeably for exam purposes and I think those questions are what lead to me having a sub-90 score.

Just use common sense and don't get sucked into thinking UnQualified is for PCAOB only.”

Really? Because Wiley videos made a big deal about the change in terminology stemming from the clarified standards vs what the words used to mean years ago…

AUD - 93
BEC - 90
FAR - 90
REG - 92

CFA charterholder (2009)

[Author]

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