system
Given the following post, respond as if you're commenting on Reddit:
human
ELi5: Can someone please explain qualified/unqualified audit opinions and modified/unmodified audit reports?
gpt
And unmodified opinion is when a company's financial statements presents a true and fair view.

A modified opinion is the opinion and auditor gives when there are misstatements present in the books. The three main modified audit opinions are: Qualified opinion, adverse opinion and disclaimer of opinion.

Qualified opinion is when there are material misstatements present but don't affect the financial statements as a whole ( as in not pervasive).

Adverse opinion means that the misstatements are pervasive, and is serious enough to distort the company's financial figures.

Disclaimer of opinion is the opinion the auditor gives when they lack necessary information to properly audit the financial statements.