qualified opinion

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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.
References in periodicals archive ?
They said: "A qualified audit report does not reflect the financial health of the business, and it does not mean that the financial statements are not transparent.
However, a heavily qualified audit report on OBL's financial statements for the
After examining the year-end financial statement for the financial year 2008 the auditor of Morphic Technologies AB (STO:MORPB) has today submitted a qualified audit report.
Although the City received a qualified audit report for the 2010/11 financial year, it has since received favourable credit ratings.
This agreement eliminates the uncertainty that caused the corporation to have a qualified audit report for the last two fiscal years ending March 31, 1990 and 1991.
WSL) confirms that the Alberta Securities Commission (the "Commission") has denied its application for permission to file April 30th, 1997 audited financial statements with a qualified audit report and July 31st, 1997 interim statements with a similar notice to reader.
For three years in succession the KwaZulu-Natal (KZN) Department of Education has not only received qualified audit reports but has also not managed to deal with inherent organisational challenges.
of North Texas), examining such specific topics as: current issues in European bank regulation in relation to government spending and borrowing, the relative effectiveness of qualified audit reports as accountability mechanisms in Spain, long-range anomalies in the real return on corporate equity compared with realized returns from the real assets on corporations, stability and the recently expanded commodity futures trading in oil and gold, unintended consequences of electric power regulations requiring retail utilities to buy all the power produced by wind and solar generators linked to the grind, and evidence concerning the value of technical analysis to portfolio performance.
GCS has made a number of acquisitions over the last four fiscal years, and it has faced difficulties in integrating these businesses into its financial reporting structure, with the result that its auditors have issued qualified audit reports in three of the last four fiscal years.
Craswell (1999) suggested that qualified audit reports are a strong indicator that independence has not been compromised, due to the competitive nature of auditing.
Charles Tilley asks why qualified audit reports are still accepted in the public sector ("A favourable variance", September).
CIMA has responded to the Accounting Standards Board's consultation paper, "IASB ED of a proposed IFRS for SMEs", and to the Financial Reporting Council (FRC) on its proposal to encourage the voluntary disclosure of qualified audit reports.

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