exception (redirected from taking exception)
Also found in: Dictionary
which does not authorize the proxy committee to act on its behalf concerning any other business, adjournments or substitutions.
1. In a publicly-traded company
, a proxy
that does not authorize the proxy committee
to act on his/her behalf. Such a proxy makes his/her own arrangements.
2. In an audit
of a financial statement
, a note stating that the auditor
agrees with a majority of the statement, but not with certain parts. That is, exceptions are written when the auditor believes that the majority of the financial statement is accurate, but that there are a few inaccuracies scattered throughout. Exceptions are noted in the auditor's report.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
An auditor's qualification of a financial report that indicates disagreement with an item in the report or limitations to the extent of the audit.
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.
(1) Estates or described lands specifically spelled out in a deed as not passing to the grantee. (2) Liens and claims specifically excluded from the coverage of a title insurance policy. (3) Liens and claims specifically excluded from a contract of sale.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.