qualified opinion

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Qualified opinion

An auditor's opinion expressing certain limitations of an audit.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
'Any officer whose vote received a qualified audit report in the Auditor General's report shall not be eligible for designation as an accounting officer unless cleared through writing by the Auditor General,' says the committee.
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.
Our results show that the likelihood of receiving a qualified audit report decreases with tenure.
The main reason for 41% of the audit opinions included in this study receiving a qualified audit report was due to the councils' exposure to the impacts from the collapse of the US sub prime mortgage market.
SAS 34 required a qualified audit report if there was uncertainty regarding the recoverability of assets and the classification of liabilities.
59 audit reports have consistently found that only about 40 to 45% of bankrupt companies received a "subject to" qualified audit report on their financial statements for the year immediately preceding bankruptcy.
While it is true that auditors have few weapons and no legal authorities or powers other than the threat of a qualified audit report, auditors must strengthen the audit process.
9 The likelihood of a qualified audit report if they are not complied with.
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.

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