exception (redirected from taking exception)

Exception

A proxy which does not authorize the proxy committee to act on its behalf concerning any other business, adjournments or substitutions.

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Exception

1. In a publicly-traded company, a proxy that does not authorize the proxy committee to act on his/her behalf. Such a proxy makes his/her own arrangements.

2. In an audit of a financial statement, a note stating that the auditor agrees with a majority of the statement, but not with certain parts. That is, exceptions are written when the auditor believes that the majority of the financial statement is accurate, but that there are a few inaccuracies scattered throughout. Exceptions are noted in the auditor's report.

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exception

An auditor's qualification of a financial report that indicates disagreement with an item in the report or limitations to the extent of the audit.

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exception

(1) Estates or described lands specifically spelled out in a deed as not passing to the grantee. (2) Liens and claims specifically excluded from the coverage of a title insurance policy. (3) Liens and claims specifically excluded from a contract of sale.