An auditor’s opinion is a formal statement made by an auditor concerning a client’s financial statements. There are three types of audit opinions, which are the unqualified opinion, qualified opinion, and adverse opinion. The unqualified opinion states that the financial statements fairly reflect the client’s financial results and financial position. The qualified opinion indicates any limitations on the scope of the audit and may describe certain information that could not be verified. The adverse opinion indicates significant problems with the client’s financial statements. Another possible outcome is the disclaimer, where the auditor states that no opinion can be given regarding the financial statements due to such factors as the absence of financial records or a lack of cooperation by the client’s management team.