What
is the difference between an auditor's unqualified opinion or "clean"
opinion and a qualified one?
The auditor expresses a “clean” or unqualified opinion when
the client’s financial statements present fairly the client’s financial
position and results of operations on the basis of an examination made in
accordance with Canadian Auditing Standards (generally accepted auditing
standards), and the statements are in conformity with generally accepted
accounting principles (IFRS or PE GAAP) and include all informative disclosures
necessary to make the statements not misleading. The auditor expresses a
qualified opinion when he/she must take exception to the presentation of one or
more components of the financial statements but the exception or exceptions are
not serious enough to negate his/her expression of an opinion or to express an
“adverse” opinion.
