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Disclaimer of opinion definition

Accounting Tools

Related Courses How to Conduct an Audit Engagement What is a Disclaimer of Opinion? A disclaimer of opinion is a statement made by an auditor that no opinion is being given regarding the financial statements of a client. Until the auditor issues a replacement opinion, the disclaimer remains in force.

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Except-for opinion definition

Accounting Tools

What is an Except-for Opinion? An except-for opinion is rendered by an external auditor when unable to audit parts of a client's operations. Under these circumstances, the auditor typically renders an opinion "except for" the conditions stated in a following paragraph of the opinion.

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Unqualified opinion definition

Accounting Tools

Related Courses How to Conduct an Audit Engagement What is an Unqualified Opinion? An unqualified opinion is an audit report that has been issued with no reservations regarding the state of an audit client's financial statements. Terms Similar to Unqualified Opinion An unqualified opinion is also known as a clean opinion.

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Limited audit definition

Accounting Tools

The auditors cannot produce a clean audit opinion when they have engaged in a limited audit. Related Articles Detailed Audit Forensic Audit Fraud Audit Horizontal Audit Operational Audit Performance Audit

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Scope limitation definition

Accounting Tools

Scope limitations affect the ability of an auditor to render a clean opinion on the financial statements of a client. Related Articles Management Assertions in Auditing The Purpose of an Audit Types of Audits Written Representations This can sometimes be avoided when the auditor uses alternative procedures.

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Financial statement assertions

Accounting Tools

If audit procedures result in a conclusion that any of the preceding assertions are not correct, then the auditors may need to conduct additional audit procedures, or they may not be able to provide a clean audit opinion at all. Related Articles Management Assertions in Auditing Relevant Assertion

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Accounting framework definition

Accounting Tools

An organization's financial statements must have been constructed using a recognized framework, or else auditors will not issue a clean audit opinion for them. Related Articles Applicable Financial Reporting Framework GAAP is used by entities in the United States, while IFRS is used in most other parts of the world.