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.

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Look at other dictionaries:

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  • 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

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  • 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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