Footnote
In practice, auditors may gather evidence of
the overall completeness, validity and accuracy of the financial statements (which is another way of saying that auditors make a final evaluation of audit risk at the financial statement level). Then, if the auditor
considers that the financial statements contain a material misstatement (in other words, if audit risk is not acceptable) then, unless the client amends
the financial statements, the auditor issues a qualified opinion. If the auditor is satisfied that the
financial statements contain no material misstatements (in other words, if audit risk is acceptable) then the auditor issues an unqualified, or
"clean", opinion. Where the auditor cannot gather sufficient appropriate evidence to form an opinion,
the auditor declines to opine.