Asked by Kimberly Valencia-Franco on Jun 13, 2024
Verified
When an auditor performs a "qualified opinion" audit,they are certifying the results to the New York Stock Exchange under the Sarbanes-Oxley Act.
Qualified Opinion
An opinion issued by an auditor saying that, as of a given date, the books of a firm represent its financial health; however, the auditor may qualify the opinion either because the firm is facing some uncertainty that might affect the company in the future or because the firm has deviated from generally accepted accounting principles (GAAP) in some minor way.
Sarbanes-Oxley Act
Legislation that places an affirmative duty on the directors of publicly-traded corporations to monitor whether they are conforming to all legal requirements.
- Recognize the importance and impacts of credentials and viewpoints offered by experts.
Verified Answer
BK
Brandon KellyJun 15, 2024
Final Answer :
False
Explanation :
A "qualified opinion" in an audit report means the auditor has reservations about certain aspects of the company's financial statements, but it does not specifically relate to certifying results to the New York Stock Exchange under the Sarbanes-Oxley Act. The Sarbanes-Oxley Act involves broader requirements for financial reporting and internal controls.
Learning Objectives
- Recognize the importance and impacts of credentials and viewpoints offered by experts.