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.
TIME DRAFT is a draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. See SIGHT DRAFT.
CONFIRMATION is a form detailing a particular securities transaction. It is also referred to as a ticket, a trade memo, a trade memorandum or an advice.
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