adverse opinion


Also found in: Dictionary, Financial.
Related to adverse opinion: Disclaimer of opinion
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Words related to adverse opinion

an opinion concerning financial statements (usually based on an audit by a CPA) that the statements as a whole do not present results fairly or are not in conformity with the generally accepted accounting practices of the United States

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References in periodicals archive ?
He expects that this will result in an adverse opinion for the holding company, but the operating companies should continue to receive their traditional unqualified opinions.
This is particularly evident in the policy groups of cohesion (see other article), research, energy and transport, external aid, development and enlargement, for which the court continues to issue adverse opinions due to a significant level of errors.
Furthermore, financial statement auditing has historically served as a simplistic pass/fail exercise; an unqualified opinion means "pass," an adverse opinion means "fail," a qualified opinion means "pass, except for .
If financial statement disclosure is inadequate, a qualified or adverse opinion is required because of a departure from generally accepted accounting principles.
The Auditor%s opinion shall be unqualified unless the Auditor furnishes the City, on a timely basis, the reasons for qualifying the opinion, disclaiming an opinion, or rendering an adverse opinion.
On the other hand, if the auditor found material weakness in ICOFR and management did not, the auditor must issue an adverse opinion on management's assessment of the effectiveness of ICOFR.
Under certain circumstances, the auditor also may be required to issue a qualified or adverse opinion or withdraw from the audit engagement.
E&Y's audit report on the Company's consolidated financial statements for each of the past two fiscal years did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles.
The Auditors% opinion shall be expressed in the report and include his reasons for qualifying the opinion, disclaiming an opinion, or rendering an adverse opinion.
Insist the financial statements be revised and, if they are not, express a qualified or adverse opinion on the statements, disclosing all substantive reasons for the opinion.
K&C's audit reports on the Company's consolidated financial statements as of and for each of the two fiscal years ended December 31, 2008 and 2007 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.
The Auditor s opinion shall be unqualified unless the auditor furnishes SPSA by September 30 of each year the reasons for qualifying the opinion, disclaiming an opinion, or rendering an adverse opinion.
Because the auditor's opinion is "as of" the balance sheet date, the auditor must issue an adverse opinion on internal control when material weaknesses exist, even when the company receives an unqualified opinion on the financial statements.
If the auditor concludes that illegal acts have a material direct or indirect effect on the financial statements, and that effect is not appropriately reflected, the auditor should express a qualified or adverse opinion because of the lack of conformity with GAAP.