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 ?
Of the 74 institutions audited, the Audit Office gave a qualified opinion for six of them (two qualified opinions and four qualified opinions with due attention) - with three institutions receiving a qualified opinion on compliance with the laws and regulations, one on financial institution reports, and two institutions received it in the cases of compliance and financial statements.
Such an opinion means problems singled out by the audit are pervasive and require a great deal of changes to rectify.Other counties that have made notable progress are Isiolo and Samburu, both of which had adverse opinions in the FY2016/17 and 2015/16.Embu County has received an adverse opinion for four consecutive financial years, in 2017/18, 2016/17, 2015/16 and 2014/15.PROPER USEMeru, Marsabit and Mandera got qualified opinions in the 2017/18 report, after scoring an adverse opinion in 2015/16, 2014/15, and disclaimers in 2013/14.Only Nyandarua and Makueni got an unqualified opinion, the first since the advent of devolution, showing that all the money was accounted for with the proper documentation provided.
The Opiyo Wandayi-led panel made the proposal after it established that several officers in National government, ministries and parastatals had qualified opinions on their votes in the Auditor's report.
While the rate of qualified opinions was higher, it too dropped over the four-year period from 169 to 116 or just over a quarter (28.7%) to less than one-fifth (19.7%).
Unfortunately, foreigners may feel they should have qualified opinions about the country they serve in much sooner than they realistically can have; many also lack the foundation and tools for broader analysis.
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.
In this paper, we examine the effects of audit tenure on the likelihood of qualified opinions with a sample of public Spanish companies for the period: 2001-2009.
Despite all these qualified opinions, I talk to publishers every day who say they're not dead yet--not even close.
The court contrasted this against qualified opinions based on reasonable medical probability.
In other words, German media seek to hear numerous qualified opinions rather than doggedly searching for an opposing voice regardless of that voice's qualifications.
'Possible adverse consequences of the proposal include increased audit costs, widespread disclaimers and qualified opinions which would have a negative impact on capital markets.'

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