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Accountant's Opinion
(redirected from Audit Opinions)

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Accountant's opinion
A signed statement from an independent public accountant after examination of a firm's records and accounts. The opinion may be unqualified or qualified. See: Qualified opinion.

Accountant's Opinion
An auditor's statement that he/she has reviewed the financial statements of a company and believes that they are accurate, complete, and in accordance with Generally Accepted Accounting Principles. Most of the time, a publicly-traded company's annual report contains an accountant's opinion; a report without one can be a matter of concern to investors. Instead of an accountant's opinion, the auditor may issue a qualified opinion, stating that the auditor is unable to render a full opinion about a company's finances, or a portion thereof, because the company's accounting does not meet the Generally Accepted Accounting Principles, or because the information was for some reason incomplete. An accountant's opinion is also called an auditor's report, a clean opinion, or simply an opinion.

accountant's opinion
See opinion.


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Last year, we reported the results of our investigation of allegations about certain DCAA audits at three locations in California, which substantiated claims that (1) audit documentation did not support the reported opinions; (2) DCAA supervisors dropped findings and changed audit opinions without adequate audit evidence for their changes; and (3) sufficient work was not performed to support the audit opinions and conclusions.
If the number of going concerns continues to rise at the level one research firm expects, there will be more than 3,500 audit opinions uncertain of their going concern assumptions in 2008.
A damaging reaction tomodified audit opinionsmay be caused by misinterpretations of explanations - the emphasis of matter in those modified audit opinions.
 
 
 
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