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Qualified Opinion
(redirected from Qualified Audit Report)

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Qualified opinion
An auditor's opinion expressing certain limitations of an audit.

Qualified Opinion
An auditor's statement that he/she 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. In other words, a qualified opinion states that the company's accounting is so sloppy that the auditor cannot render an opinion. This is placed on the front page of an audit. See also: Except for opinion.

qualified opinion
The opinion of a Certified Public Accountant that a firm's financial statements deviate in some respect from a clean opinion according to generally accepted accounting principles. Compare clean opinion.


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Craswell (1999) suggested that qualified audit reports are a strong indicator that independence has not been compromised, due to the competitive nature of auditing.
However, a heavily qualified audit report on OBL's financial statements for the year ended 31 December 2006 has revealed that if the matters raised in the audit had been considered in the financial statements: a.
Charles Tilley asks why qualified audit reports are still accepted in the public sector ("A favourable variance", September).
 
 
 
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