qualified opinion

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 ?
Auditor General Edward Ouko's qualified opinion on the tax collector's financial statement for the year ended June 30, 2016 says KRA did not give justification why it shielded the Swiss firm from competitive bidding of Sh4,552, 516,226 tender, denying the authority value for money on the contract.
According to management, 2016 statements will carry a similarly qualified opinion, with a marginal improvement at best over 2015 statements in terms of the number of issues raised.
If there is one man on the planet who is fit to give a qualified opinion on playing in central midfield for Manchester United, it's Scholes.
Mr Brincat noted that this financial year was the first year in many years in which the ECA issued a qualified opinion and not an adverse opinion, and that reflects a sustained improvement in EU spending.
However, the 2016 report gives a qualified opinion that "A significant part of the 2016 expenditure audited was not affected by a material level of error".
For the first time since 1994 when we were mandated to provide a Declaration of Assurance, that is, an audit opinion regarding the legality and regularity of payments, we have issued a qualified opinion in contrast to the adverse opinion we had issued since 1994," Lazarou said.
If the effect were only material, but not pervasive, a qualified opinion (AUC sections 705.
There may be other reasons for a qualified opinion, as well.
A qualified opinion means that deficiencies were identified, but were limited to one or more, but not all, controls.
Take note, relative to government-owned and/or -controlled corporations and local government units, the COA normally renders qualified opinion.
If there's a qualified opinion and it's an area where you were relying on the controls, you can't rely on that anymore," she said.
A qualified opinion is one of four audit opinions that auditors both in the public and private sectors may express on the financial statements of auditees.

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