Qualified opinion

    ESG & Governance

    An audit opinion stating that the accounts are fair "except for" specific items that are wrong or could not be verified.

    Under SA 705, an auditor gives a qualified opinion when misstatements, or gaps in evidence, are material but not pervasive. The report explains the basis for the qualification. Common examples include unverified balances with related parties, loans whose recovery is doubtful, or investments the auditor could not value. A qualified opinion is a serious red flag, and listed companies must disclose the financial impact of qualifications.

    Related terms

    Unmodified opinionAdverse opinionDisclaimer of opinion

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