By Brian Ravencraft
If your agribusiness or farming business ever goes through the audit process, you will have a chance to read the auditor’s report and their opinion. This is certainly unfamiliar territory for most folks. Let me walk you through the four different types of opinions that an auditor can conclude at the end of an audit.
Unqualified: This type of opinion is often referred as a “clean” opinion. This is the most desired and most common opinion as it states that the entities financial statements are fairly presented and free of material misstatements.
Qualified: This type of opinion is usually given when the auditor finds material misstatements in the entity’s financial statements. Even though the financial statements contained material misstatements those misstatements do not mis-lead the reader of the statements.
Adverse: This type of opinion is given if material misstatements are found, and those misstatements may mis-lead the reader of the statements.… Continue readingRead More »