accountant's opinion

(redirected from Unqualified Opinions)

Accountant's opinion

A signed statement from an independent public accountant after examination of a firm's records and accounts. The opinion may be unqualified or qualified. See: Qualified opinion.

Accountant's Opinion

An auditor's statement that he/she has reviewed the financial statements of a company and believes that they are accurate, complete, and in accordance with Generally Accepted Accounting Principles. Most of the time, a publicly-traded company's annual report contains an accountant's opinion; a report without one can be a matter of concern to investors. Instead of an accountant's opinion, the auditor may issue a qualified opinion, stating that the auditor 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. An accountant's opinion is also called an auditor's report, a clean opinion, or simply an opinion.

accountant's opinion

See opinion.
References in periodicals archive ?
When we merge unqualified opinions with explanatory notes into the modified opinion group, both the parametric and nonparametric tests indicate that the 911 unqualified negative earnings surprises are, on average, not announced later than the 164 positive earnings surprises with modified opinions.
The site explains in lay terms the American Institute of CPAs peer review program and the significance of the firm's history of unqualified opinions.
Municipalities with clean audit opinions represent R70,9 billion (19%) of this amount, while those with unqualified opinions with findings represent R218 billion (57%).
which expressed unqualified opinions on management's assessment and on the effectiveness of the Company's internal control over financial reporting as of December 31, 2006.
For fiscal year 2003, 20 of 23 Chief Financial Officers (CFO) Act agencies received unqualified opinions, the same number received by these agencies in fiscal year 2002, up from 6 for fiscal year 1996.
When the CFO Act was passed in 1990, only three agencies were issuing audited financial statements, and none had unqualified opinions. That number has steadily increased.
Of these 10, six received clean audit opinions, while the North West, Northern Cape and Limpopo legislatures received unqualified opinions with findings.
In 1999 the incidence of unqualified opinions with additional language began to increase among restatement entities, a trend that continued through 2002.
The department has appealed to municipalities to redouble their efforts to comply with Operation Clean Audit s goal of achieving unqualified opinions from 100% of municipalities and municipal entities by the time of the next audit in 2014.
Professional standards (AU section 508.10) provide for the following audit opinions: unqualified opinions; explanatory language added to the auditor's standard (unqualified) report; qualified opinions; adverse opinions; and a disclaimer of opinion.
Irrespective of the unqualified opinions, many federal agencies do not have timely, accurate, and useful financial information and sound controls with which to make informed decisions and to ensure accountability on an ongoing basis.
Unfortunately, the issuing of unqualified opinions, even after receiving some red flag warnings that fraud was occurring, led to the Andersen settlement.