Audit opinion
AccountingThe auditor’s formal conclusion on whether the statements give a true and fair view.
In plain terms
Four flavours: clean, qualified, adverse and disclaimer. The last two are rare and serious.
1492 terms
Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
Read the full lesson →
Qualified opinion
AccountingAn audit opinion stating the accounts are true and fair except for a specified matter.
In plain terms
The auditor has named a problem. Read that paragraph before anything else in the report.