Financial Statements
Qualified Audit Opinion
Definition
What is Qualified Audit Opinion?
An audit opinionAn auditor's formal conclusion on whether financial statements are presented fairly under the applicable framework. identifying a material issue that is not pervasive to the financial statements.
Example in practice
How This Looks in Practice
The auditor cannot verify one inventoryGoods held for sale, production, or consumption in the production process. balance and qualifies the opinion.
Keep learning
Related Terms
Financial Statements
Revenue
Income generated from selling goods or services before expenses are deducted.
Financial StatementsSales Growth
The percentage increase or decrease in revenue over a period.
Financial StatementsCost of Goods Sold
Direct costs attributable to goods or services sold during a period.
Financial RatiosGross Margin
Gross profit expressed as a percentage of revenue.