When does an auditor submit a disclaimer of opinion? What is the significance of an auditor's opinion?

What will be an ideal response?

A disclaimer of opinion expresses the auditor's inability to draw a conclusion about the accuracy of the company's financial records. This disclaimer is generally issued when the auditor lacks sufficient information about the financial records to issue an overall opinion. The issuance of other than an unqualified opinion can have substantial adverse effects on the company audited. A company that receives an opinion other than an unqualified opinion may not be able to sell its securities to the public, merge with another company, or obtain loans from banks. The Securities and Exchange Commission (SEC) has warned publicly held companies against "shopping" for accountants to obtain a favorable opinion.