In Opinion paragraph the wording changes to, " Because of situations mentioned in Basis for Adverse Opinion paragraph, in our opinion the financial statements of XYZ Co . Ltd . as mentioned in first paragraph does not give true and fair view / are not free from material misstatements ."
22.
An "'Adverse Opinion "'is issued when the auditor determines that the financial statements of an auditee are materially misstated and, when considered as a whole, do not conform with GAAP . It is considered the opposite of an unqualified or clean opinion, essentially stating that the information contained is materially incorrect, unreliable, and inaccurate in order to assess the auditee's financial position and results of operations.
