This study investigates whether a model combining financial ratios and non-financial variables can predict audit opinions (qualified or unqualified) for firms listed on the Athens Exchange (ATHEX) from 2018 to 2022. Using 450 firm-year observations from 90 non-financial firms, we applied a probit regression model to examine the impact of 11 financial ratios and non-financial factors such as auditor quality, auditor turnover, and corporate performance. Our findings reveal that financial ratios and auditor characteristics, particularly auditor quality, have significant explanatory power in determining audit opinions. The model offers practical benefits for auditors, enabling them to predict audit opinion types, assess client risks, define audit scope, and reduce litigation risks. These insights are particularly relevant in emerging economies like Greece, where audit risk and firm failures are heightened. The study highlights the importance of financial and non-financial variables in identifying material misstatement risks, consistent with International Standards on Auditing (ISA 520). However, its findings are limited by the small sample size and Greece's specific economic and regulatory context. Future research should explore the model’s applicability to larger and more developed markets.