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 ?
Even if auditors issue an adverse opinion or a qualified report, no further investigation takes place since vested interests bar all such efforts.
Vanstraelen, 2000] report a negative effect of audit tenure on the likelihood of issuing a qualified report, we must consider that this finding refers only to financially distressed firms and to audit qualifications for reasons of going concern.
He also tells investors to be cautious about the companies where the auditor issues a qualified report.
The fact is that the National Academy of Sciences, which you talk about inaccurately in your editorial, gave a qualified report on the safety of their findings and recommended more environmental testing be done.
The group receiving the new modified unqualified consistency report and the group receiving the old except-for qualified report.
For instance, the finding of a significant departure from professional standards in a set of financial statements for an on-site review might not lead to a qualified report.
The auditor should issue a qualified report which includes:
He added that following the qualified report the National Consumer Commission has also improved its auditing.
Individuals who provide qualified reports of software piracy are eligible to receive up to $1 million in a cash reward, though most decline the reward, the press release said.
In November, the full text of the Auditor's Report for qualified reports and a new company status field will be added to the Database.
Each scope paragraph in the 17 audit reports appeared to follow SAS 42 guidance with respect to stating the type of audit report rendered on the client's complete set of financial statements; 13 reports referred users to unqualified audit reports, three reports made reference to qualified reports, and one report (American Management Systems) referred users to a report that was unqualified for each of three past years and qualified for each of two most recent years.
They can concentrate on creating qualified reports with professional tools.

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