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AGA Exam CGFM Topic 3 Question 51 Discussion

Actual exam question for AGA's CGFM exam

Question #: 51
Topic #: 3

[All CGFM Questions]

Which of the following opinions is not expressed by auditors as to whether financial statements are expressed fairly in all material respects with respect to generally accepted accounting principles?

AUnqualified opinion

BQualified opinion

CDisclaimer

DReversal opinion

Show Suggested Answer

Suggested Answer: D

by Carri at Jul 05, 2024, 09:31 AM

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Lyndia

4 months ago

Hmm, 'reversal opinion'? Is that like when the auditor says 'I changed my mind, these statements are actually terrible'? That sounds hilarious, but probably not the right answer.

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Jerry

4 months ago

Ooh, I bet the answer is A) Unqualified opinion. That's the good one, where the auditor is like 'Yep, everything looks good!'

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Artie

3 months ago

Yeah, that's the opinion you want to see on financial statements.

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Marjory

3 months ago

I think you're right, A) Unqualified opinion is when everything looks good.

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Carmelina

4 months ago

B) Qualified opinion is the one where the auditor has some reservations about the financial statements, right? That makes the most sense to me.

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Beckie

4 months ago

I'm pretty sure the answer is C) Disclaimer. That's the one where the auditor can't express an opinion due to limitations.

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Giuseppe

3 months ago

That makes sense, thanks for clarifying.

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Roxanne

3 months ago

Yes, C) Disclaimer is when the auditor can't express an opinion.

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Staci

3 months ago

I agree, C) Disclaimer is the correct answer.

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Domonique

3 months ago

D) Reversal opinion

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France

3 months ago

C) Disclaimer

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Mira

3 months ago

B) Qualified opinion

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Leonida

4 months ago

A) Unqualified opinion

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Tyisha

4 months ago

I agree with Nathan, disclaimer opinions are definitely expressed by auditors.

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Elliott

4 months ago

D) Reversal opinion? What is that even supposed to mean? Auditors definitely don't give a 'reversal opinion'!

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Crista

3 months ago

D) Reversal opinion is not a term used by auditors in expressing their opinion.

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Teddy

3 months ago

C) Disclaimer is when auditors cannot express an opinion on the financial statements.

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Tequila

4 months ago

B) Qualified opinion is when auditors have concerns but overall believe the financial statements are fairly presented.

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Jesusa

4 months ago

A) Unqualified opinion is when auditors express that the financial statements are fairly presented.

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Nathan

5 months ago

But auditors do express disclaimer opinions sometimes, so it could be the correct answer.

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Reiko

5 months ago

No, I believe the correct answer is C) Disclaimer.

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Nathan

5 months ago

I think the answer is D) Reversal opinion.

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