accountant's opinion

(redirected from Audit Opinions)

Accountant's opinion

A signed statement from an independent public accountant after examination of a firm's records and accounts. The opinion may be unqualified or qualified. See: Qualified opinion.

Accountant's Opinion

An auditor's statement that he/she has reviewed the financial statements of a company and believes that they are accurate, complete, and in accordance with Generally Accepted Accounting Principles. Most of the time, a publicly-traded company's annual report contains an accountant's opinion; a report without one can be a matter of concern to investors. Instead of an accountant's opinion, the auditor may issue a qualified opinion, stating that the auditor 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. An accountant's opinion is also called an auditor's report, a clean opinion, or simply an opinion.

accountant's opinion

See opinion.
References in periodicals archive ?
Departments made a significant contribution towards clean audit opinions in 2014-15, increasing their total from 40 to 47, while 84 public entities received clean audits.
The NCUA announced that its four permanent funds received clean audit opinions for 2014, according to audited financial reports released by agency's Inspector General.
68 would not prevent employers in cost-sharing plans from receiving modified audit opinions on their financial statements.
Specifically, it was alleged that (1) working papers did not support reported opinions, (2) supervisors dropped findings and changed audit opinions without adequate evidence, and (3) sufficient work was not performed to support audit conclusions and opinions.
To facilitate managers' understanding of the new requirements they face, we first provide an overview of the three required audit opinions.
LaFond compared unaudited financial disclosures by companies prior to Sarbanes-Oxley to audit opinions issued after the law was enacted.
Ideally, the identification system will lower the cost of item management, improve item availability, increase asset visibility and traceability, help achieve clean audit opinions, and improve long-term inventory management and strategic purchasing for the DoD.
However, reading further, we find "many agencies have been able to obtain unqualified audit opinions only through 'heroic efforts,' which include expending significant resources to use extensive ad hoc procedures and making billions (emphasis added) of dollars in adjustments to derive financial statements months after the end of the fiscal year.
The plaintiff; said that the firm had fraudulently issued "clean" audit opinions on the statements despite its knowledge of facts that revealed the falsity of the statements.
Based on the facts presented, E&Y's unqualified audit opinions on Wal-Mart's financial statements seem appropriate.
Recently Labor Department Inspector General James Hyland and his deputy Raymond Maria wrote that "major business failures following unqualified audit opinions have generated unprecedented public concern that the accounting profession is not protecting investors and creditors through the discovery and reporting of fraud and irregular activities.