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 ?
Walker said her firm is seeing an increase in the frequency of qualified opinions in SOC 1 reports, which presents a problem for auditors.
He also pointed to a significant number of community councils receiving qualified opinions - which could mean incomplete accounting or not properly following accounting principles.
The court contrasted this against qualified opinions based on reasonable medical probability.
Possible adverse consequences of the proposal include increased audit costs, widespread disclaimers and qualified opinions which would have a negative impact on capital markets.
Companies that don't have effective controls, or we believe have the risk of that material error occurring, did receive adverse or qualified opinions on their control system.
This is consistent with the qualified opinions issued by Grant Thornton for the year ended December 31, 2003; the seven months ended December 31, 2002, and the (former) fiscal year ended May 31, 2002.
It will be interesting to see how many organizations have qualified opinions on internal controls," he says, adding, "[CCR] is very much tied to FASB's focus on fair value--it's probably our biggest concern.
Debt repayments fall behind, accounts payable schedules aren't being met and accountants are giving qualified opinions.
When considered in conjunction with the qualified opinions or disclaimers of opinion on the financial statements in all 30 reports and for 60 percent of the Schedules of Expenditure of Federal Awards required by the Single Audit Act, the audit findings reveal one thing: overall poor accountability of Compact funds.
Qualified opinions, while not necessarily indicative of something amiss, can pose a large obstacle in fundraising efforts and qualifying for grants.
The guidance is intended to be a compromise between GASB and the American Institute of Certified Public Accountants to remove any Y2K-related concerns that had led auditors to give qualified opinions on state and local governments' financial statements, according to GASB and finance officials.
They found that qualified opinion has a positive effect on switching; and auditors are more likely to issue qualified opinions to switchers.

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