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Qualified Opinion

An opinion stating that, except for a specific identified matter, the financial statements give a true and fair view.

Related terms

  • Purchase Register

    The client's listing of all purchase transactions for a period, used as the population for purchase and accounts-payable testing.

  • QRMP Scheme

    Quarterly Return Monthly Payment — a GST compliance scheme allowing small taxpayers to file returns quarterly while still paying tax monthly.

  • Related Party Transaction

    A transaction between the company and a party connected to it by ownership, control or significant influence — subject to specific identification, approval and disclosure requirements.

  • Residual Value

    The estimated amount an entity would obtain from disposing of an asset at the end of its useful life, after deducting disposal costs.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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