Piecemeal Opinion


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.

BREAKING DOWN '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.

  1. Audit

    An unbiased examination and evaluation of the financial statements ...
  2. Unqualified Audit

    Also known as a complete audit. An audit that has been performed ...
  3. Independent Auditor

    A certified public accountant who examines the financial records ...
  4. Internal Audit

    The examination, monitoring and analysis of activities related ...
  5. Generally Accepted Auditing Standards ...

    A set of systematic guidelines used by auditors when conducting ...
  6. Generally Accepted Accounting Principles ...

    The common set of accounting principles, standards and procedures ...
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