Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Questions - Page 27: 19

Answer

An unqualified auditor's opinion indicates that financial statements have been generated in accordance with generally accepted accounting principles.

Work Step by Step

If financial statements have not been given an unqualified opinion by an independent auditor, it is possible that the reports are not an accurate representation of the company's financial condition.
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