QUALIFIED OPINION, REPORT | The World of Accounting For Professional Accountants

judgment by the CPA in the AUDIT REPORT that "except for" something, the financial statements fairly present the financial position and operating results of the firm. An "EXCEPT FOR" OPINION relates to a limitation placed on the scope of the audit. The result of the limitation is the failure of the CPA to obtain sufficient objective and verifiable evidence in support of business transactions of the company being audited.