What's the difference between a qualified opinion adverse opinion and a disclaimer of opinion and explain the circumstances under which each is appropriate?

1.A qualified opinion: the auditor found the financial reports essentially in conformance with Generally Accepted Accounting Principles, except for one or a few areas where the auditor cannot, or does not want to, assert conformance.

 2. An adverse opinion: the auditor has concluded that the audited financial statements do not fairly represent the organization's financial position or financial performance, and that there are significant departures from GAAP.

 3. Disclaimer of opinion: The auditor may issue a disclaimer of opinion, that is, publicly report that the auditor has chosen not to issue an opinion. This may occur when Auditors decide they cannot be impartial or independent regarding the company or organization audited.

The main difference is that:

A qualified opinion is given when there are maybe one or two misstatements in the accounts but which are not pervasive (for instance inadequate disclosures in the footnotes to the financial statement).

An Adverse opinion is given when the financial statement does not give a true and fair view of the financial position of the company. Adverse opinion is issued when there is a misstatement that is pervasive.

A Disclaimer of opinion is when an auditor is unable to reach a conlusion on the  audited financial statements, maybe due to lack of substantial eveidence and so does not issue an opinion.

I am fully agree with Mr  Wilfredo .Thank you

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1. A qualified opinion is a statement issued after an audit is done by a professional auditor that suggests the information provided was limited in scope and/or the company being audited has not maintained Generally Accepted accounting principals, for example in a statement there is no provision made for employees dues in such case Auditor may qualify the report.
2. An adverse opinion is an opinion concerning financial statements (usually based on an audit by a CPA) that the statements as a whole do not present results fairly or are not in conformity with the generally accepted accounting principals
3. A disclaimer of opinion is Statement by auditors that they do not express an opinion on the financial position of a firm because (1) they have not completed an examination of its accounts, or (2) the examination is not broad enough in scope to enable them to form an opinion. For example if Auditors do not have previous years Audited Financials they can not conduct the Audited hence in such case they may use disclaimer of opinion.

thanks for invitation 

A qualified opinion means the financial reports essentially in conformance with Generally Accepted Accounting Principles

An adverse opinion means  the audited financial statements do not fairly represent the organization's financial position

 disclaimer of opinion means the auditor has chosen not to issue an opinion