Final answer:
The correct audit opinion described by the student is known as an “except for” opinion, indicating that the company's financial statements are accurate except for some minor issues that do not fully comply with GAAP.
Step-by-step explanation:
A “except for” opinion is the type of audit opinion given when the financial statements of a company largely comply with Generally Accepted Accounting Principles (GAAP), but there is a minor deviation that does not fully comply with GAAP. This type of opinion indicates that except for the area(s) where the minor deviation(s) occur, the financial statements are an accurate reflection of the company’s financial health. The exception noted by the auditor is typically not severe enough to necessitate an adverse opinion, which would suggest more significant concerns about the company's financial statements.
In contrast, an adverse opinion would be issued by the auditor if the financial statements were found to have material misstatements or deviations from GAAP, indicating that the financial statements may mislead the users of the report. An indeterminate opinion could indicate that the auditor could not obtain sufficient appropriate evidence on which to base an opinion, and unless specifies a condition and is not an audit opinion type.
SUMUP of the final answer: