ADVERSE OPINION Definition

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ADVERSE OPINION is expressed if the basis of accounting is unacceptable and distorts the financial reporting of the corporation. If auditors discover circumstances during the course of the audit that make them question whether they can issue an unqualified opinion, they should always discuss those circumstances with the client before issuing the opinion, in order to determine whether it is possible to rectify the problem.

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SETTLEMENT DISCOUNT is the discount percentage offered for payment within the settlement period. Many vendors offer settlement discounts for early payment of invoiced amounts.

RI is Residual Income.

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