qualified opinion


qualified opinion
Term used to describe the opinion letter accompanying audited financial statements in which the CPA reports the same information as in the unqualified opinion with one or more additions. The additional information describes either (1) one or more material aspects of the scope of the audit that may be deviations from necessary practice or (2) uncertainty about the future that either cannot be resolved or the effect of which cannot be estimated. American Banker Glossary
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An auditor's opinion ( auditor's report) expressing certain limitations of an audit. Bloomberg Financial Dictionary

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qualified opinion ˌqualified oˈpinion also ˌqualified reˈport noun [countable usually singular]
a comment by an auditor (= specialized outside accountant) that the accounts of a company give a true and fair view of its finances except in specified ways, for example that they show some things in a way that the auditor does not approve

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qualified opinion UK US noun [C, usually singular] (also qualified report)
ACCOUNTING a statement by an auditor (= someone whose job is to officially examine accounts) that the information in a company's accounts is generally correct but is limited in some way, for example because the information is not shown in a way that the auditor agrees with: »

Before expressing a qualified opinion an auditor should always try to resolve problems with the management of the organization concerned.

Compare ADVERSE OPINION(Cf. ↑adverse opinion), CLEAN OPINION(Cf. ↑clean opinion)

Financial and business terms. 2012.

Look at other dictionaries:

  • qualified opinion — An external auditor’s opinion that, except for a stated limitation, an entity’s financial statements conform with *Generally Accepted Accounting Principles, and offer a *fair presentation of the entity’s financial position, the results of its… …   Auditor's dictionary

  • Qualified Opinion — A statement written upon the front page of an audit done by a professional auditor. A qualified opinion suggests that the information provided was limited in scope and/or the company being audited has not maintained GAAP accounting principles.… …   Investment dictionary

  • qualified opinion — A statement in an audit report accompanying financial statements which expresses exceptions or qualifications to certain items in financial statements + Qualified opinion: The financial statements are presented fairly in accordance with GAAP… …   Black's law dictionary

  • opinion — UK US /əˈpɪnjən/ noun ► [C] a thought or belief about something or someone: an opinion on sth »What s your opinion on Britain joining the Euro? have/hold an opinion »She has strong opinions on how people should dress for work. express/give your… …   Financial and business terms

  • opinion — A document prepared by an attorney for his client, embodying his understanding of the law as applicable to a state of facts submitted to him for that purpose; e.g. an opinion of an attorney as to the marketability of a land title as determined… …   Black's law dictionary

  • opinion letter — Letter issued by a certified public accountant to accompany financial statements. The opinion letter has two parts. One describes the scope of the accountant s work in the preparation and testing, if any, related to the preparation of the… …   Financial and business terms

  • qualified audit report — An auditors report in which some qualification of the financial statements is required because (a) the auditor feels there is a limitation on the scope of the audit examination or (b) the auditor disagrees with the treatment or disclosure of a… …   Accounting dictionary

  • qualified — adjective a) Meeting the standards, requirements, and training for a position. Assuming that I have all the information, my qualified opinion is that your plan will work. b) Restricted or limited by conditions. Ant: unqualified …   Wiktionary

  • Qualified immunity — is a doctrine in U.S. federal law that arises in cases brought against state officials under 42 U.S.C. Section 1983 and against federal officials under Bivens v. Six Unknown Named Agents, 403 U.S. 388 (1971). Qualified immunity shields government …   Wikipedia

  • opinion, expert — n. A statement made by an expert explaining his or her evaluation of facts from a qualified perspective. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary


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