Companies have been found to report positive information more quickly than they report negative information (i.e., good news early, bad news late). This research investigates the impact of audit opinion change on the timeliness of financial disclosures; with improvements in audit opinion considered to be good news and deteriorations in audit opinion is considered to be bad news. Both the direction and the magnitude of audit opinion change is considered, with magnitude measuring how far the opinion is from an unqualified opinion (i.e., an unqualified opinion with emphasis of matter paragraph is closer to an unqualified opinion than a qualified opinion is). Data of 103 firms listed in Tehran Stock Exchange from 2003 to 2013 were used. Findings reveal that firms experiencing an improvement in their audit opinions disclose their financial results earlier, while those with audit opinion deteriorations report their financial results later, and it is also found that the magnitude of audit opinion deterioration is related to delay but there is not significant relationship between the magnitude of audit opinion improvement and timeliness of disclosure.