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.
SECURED is an obligation backed by a pledge of collateral. Opposite of unsecured.
INVESTMENT TURNOVER is a profitability measure used to calculate the number of times per year an investment or assets revolve.
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