Statement recorded in an auditor's report by the external auditor. It is of three major types: (1) Unqualified opinion indicates the auditor's endorsement of the accuracy and adequacy of the disclosed information and of the firm's financial picture presented by it. (2) Qualified opinion is not necessarily negative and may indicate a limited scope of examination, or that the auditor was unable to directly verify certain information (see auditor's qualified opinion for details). (3) Adverse opinion indicates serious problems with the audit, and can be very damaging in its effect on the firm's reputation and financial position. Also called accountant's opinion or audit opinion.