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 ?
Secondly, the lack of consensus about the effects of tenure on the likelihood of qualified reports jointly with the relevance of the issue, not only for researchers but also for policy makers, encourages additional research.
Poor liquidity is expected to increase the likelihood of qualified reports since it increases the auditor's litigation risk.
Accordingly, Big 4 auditors will have incentives to provide higher quality audits consistent with their brand name reputation, and thus are expected to show a higher propensity to issue qualified reports [e.
The number of qualified reports expressed in percentage of total reports ranges between a maximum of 22% the year 2001 and a minimum of 8% the year 2006.
In addition, firms with qualified reports are engaged in relatively short term engagements with the audit firm.
As hypothesized, the likelihood of qualified reports is lower for companies enjoying high levels of liquidity.
They can concentrate on creating qualified reports with professional tools.
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.

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