audit opinion
51management audit — 1. An audit of the extent to which the objectives of an organization are met by the actions of the organization’s *management. Flint (1988, 175, n.3) defines the term as follows: An examination, analysis and evaluation...of the performance of… …
52adverse opinion — An opinion expressed in an auditors report to the effect that the financial statements do not give a true and fair view of the organization s activities. This situation usually arises when there is a disagreement between the auditor and the… …
53qualified opinion — An external auditor’s opinion that, except for a stated limitation, an entity’s financial statements conform with *Generally Accepted Accounting Principles, and offer a *fair presentation of the entity’s financial position, the results of its… …
54Market Contact Audit — is a research tool, which measures the effectiveness of various contacts in a category using a common method and a common unit[1]. Therefore it provides a yardstick to understand which are the key contacts that drive the category, which contact… …
55systems-based audit — An approach to auditing based on the concept that by studying and assessing the internal control system of an organization an auditor can form an opinion of the quality of the accounting system, which will determine the level of substantive tests …
56disclaimer opinion — An opinion letter accompanying audited financial statements in which the CPA states that he or she cannot express an opinion because of limitations in either the scope of the audit and/or because of uncertainties about the future which either… …
57qualified opinion — A statement in an audit report accompanying financial statements which expresses exceptions or qualifications to certain items in financial statements + Qualified opinion: The financial statements are presented fairly in accordance with GAAP… …
58adverse opinion — noun 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 •… …
59external audit — An *audit of *financial statements by independent individuals or organizations. *Robert Khun Mautz has suggested that the role of external auditing in an advanced economic society can be and has been stated in very simple terms to add credibility …
60Except for opinion — An auditor s opinion reflecting the fact that the auditor was unable to audit certain areas of the company s operations because of restrictions imposed by management or other conditions beyond the auditor s control. The New York Times Financial… …
