An adverse opinion is a judgment expressed by auditors indicating that the financial statements of an entity do not accurately reflect its financial position. This is often due to material discrepancies between the auditor's findings and the company's reports.
An audit opinion is an expression provided by auditors within an auditors' report, stating whether the financial statements have been prepared consistently using appropriate accounting policies and standards, and if there is adequate disclosure of vital information.
A qualification by an auditor that indicates the financial statements provide a true and fair view, with exceptions noted due to limitations of scope or disagreements in treatment or disclosure that do not warrant an adverse opinion.
An auditors' report that includes qualifications due to scope limitations or disagreements regarding the treatment/disclosure of matters in financial statements based on the degree of materiality.
Relevant accounts are those financial statements that should be used to determine the amount of distributable profit of a company. These accounts are the most recent audited annual accounts of the company, prepared in compliance with the Companies Act.
