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 ?
In my opinion, we got the highest qualification the auditor general has ever given to the counties, and that is a qualified report,' finance officer Asha said.
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. He then goes on to explain the basics of accounting and principles, such as going concern, materiality and prudence.
* 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. That would be the case if the reviewer considered the departure to be an isolated occurrence and not reflective of a weakness in the firm's system of quality control.
The auditor should issue a qualified report which includes:
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.
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.

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