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Unmodified Opinion

The audit opinion issued when the financial statements give a true and fair view in all material respects — commonly called a "clean" opinion.

Related terms

  • Transfer Pricing Audit

    An examination of international and specified domestic transactions between associated enterprises, to confirm pricing is at arm's length as required under the Income Tax Act.

  • Trial Balance

    A listing of every ledger account and its closing balance, which should sum to zero (total debits equal total credits) and tie to the financial statements before any audit work begins on top of it.

  • Useful Life

    The period over which an asset is expected to be available for use, or the number of production units expected from it — the basis for the depreciation charge.

  • Variance Analysis

    Comparing actual results to a budget or standard, and investigating the difference — in audit, a useful analytical procedure for spotting unusual movements worth explaining.

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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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