Audit Opinion
/ˈɔː.dɪt əˌpɪn.jən/
Definitions
- (n.) A formal statement by an independent auditor expressing their conclusion on the fairness of a financial statement.
The auditor issued a clean audit opinion indicating the company's financial statements are free of material misstatement.
- (n.) An auditor’s expression regarding compliance with applicable laws, regulations, or contractual agreements during a review.
The audit opinion highlighted non-compliance issues discovered during the regulatory audit.
Forms
- audit opinion
- audit opinions
Related terms
See also
Commentary
Audit opinions are critical in legal contexts as they can influence liability and contractual obligations; precise wording in audit opinions is key to reflecting the auditor’s level of assurance.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.