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report rendered by the independent CPA at the end of an audit investigation. The auditor reports on the nature of his or her work and on the degree of responsibility assumed. In the audit opinion, the auditor states that he or she has examined the client's financial statements for the year then ended in accordance with Generally Accepted Auditing Standards (GAAS) including tests of the accounting records and other necessary auditing procedures. The auditor then indicates whether in his or her opinion the client's financial statements present fairly the financial position, results of perations, and changes in financial position for the year-ended in conformity with Generally Accepted Accounting Principles (GAAP) applied on a consistent basis. The four typesof audit opinions are unqualified opinion , qualified opinion, report , adverse opinion , and disclaimer .