The purpose of an audit
is to determine the accuracy of an association's financial statement
. Once he/she examines the financial records, the auditor will issue a written opinion. There are four types of opinions that may be offered:
. An "unqualified opinion" means the auditor's opinion of the financial statement is given without any reservations. It means the auditor feels the association followed all accounting rules appropriately and that the financial reports are an accurate representation of its financial condition.
. A "qualified opinion" by the auditor means some limitations existed, such as an inability to gather certain information or a significant upcoming event which may or may not occur.
A "disclaimer" means the auditor could not express an opinion regarding the association's financial condition due to an inability to gather certain relevant facts.
An "adverse opinion" means the auditor does not believe the association's financial statements are accurate.
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