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    Question

    An auditor concludes financial statements give a true

    and fair view, except that inventory of Rs. 50 lakh was not physically verified due to management restrictions. Impact is material but not pervasive. What type of audit opinion?
    A Unqualified opinion Correct Answer Incorrect Answer
    B Adverse opinion Correct Answer Incorrect Answer
    C Disclaimer of opinion Correct Answer Incorrect Answer
    D Qualified opinion Correct Answer Incorrect Answer
    E Emphasis of matter Correct Answer Incorrect Answer

    Solution

    Material but not pervasive misstatements lead to a Qualified Opinion .

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