List the Types of Opinions That May Be Issued by an Auditor

question 34

Essay

List the types of opinions that may be issued by an auditor on a company's financial statements and explain the circumstances under which it is issued.

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Definitions:

Implied Warranty

A legal term for the guarantee or promise that a product will meet a minimum level of quality and functionality without being explicitly stated.

Particular Purpose

In a legal context, this refers to a specific use for which a product or service is intended or for which it is being sold to a consumer, who relies on the seller’s expertise.

Merchantability

A guarantee that a product will meet reasonable expectations of quality and usability for its intended purpose when sold.

Implied Warranty

A legal term referring to the assurances that a product will perform as expected, even though not explicitly stated by the seller.