when significant non-compliance is found in an audit, but it is neither pervasive nor of a sufficient magnitude to warrant an overall negative conclusion.
A qualified opinion is one in which the auditor expresses reservations about the fair presentation of the financial statements in conformity with generally accepted accounting principles.
The judgment by the certified public accountant in an audit report that "except for" something, the financial statements fairly present the financial position and operating results of the entity.
Accountant's or auditor's opinion of a financial statement for which some limitations existed, such as an inability to gather certain information or a significant upcoming event which may or may not occur. opposite of unqualified opinion. See Also audited financial statements
An opinion issued when an auditor determines his audit has been limited in scope or the entity has not followed GAAP. (Has nothing to do with the qualifications of the auditor.)
An auditor opinion that the financial statements follow generally accepted principle "except for" a particular significant exception. An auditor may find everything in order except taxes receivable. If the unit refuses to change to the auditors demands and the auditor feels that the taxes receivable are not in accordance with GAAP, then an qualified opinion is issued.
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.