Piecemeal Opinion
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Definition of 'Piecemeal Opinion'An auditor's assessment of the accuracy of a portion of a company's financial statements. An auditor might provide a piecemeal opinion in a situation where complete information is not available. Generally Accepted Accounting Principals (GAAP) no longer allow auditors to provide piecemeal opinions. |
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Investopedia explains 'Piecemeal Opinion'When they were allowed, piecemeal opinions had to be extremely specific in order to be credible since many components of a company's financial statements are interrelated. For example, according to former SEC Chief Accountant Carman G. Blough, it might be possible to express a piecemeal opinion on the accuracy certain items listed on a company's balance sheet, but it would not be possible to express a piecemeal opinion on the balance sheet as a whole because of the balance sheet's relationship with other financial statements, such as the income statement. |
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