EXCEPT FOR is a qualified opinion. An auditor can qualify the audit opinion for both departures from U.S. GAAP in the financial statements and restrictions on the scope of the audit. The opinion paragraph of the qualified report is worded "In our opinion, except for..."
OPERATING RATIO measures a firms operating efficiency; calculated: company operating expenses divided by its operating revenues.
FISCALIST is an economist who prefers that the government affect the economy by raising and lowering taxation and/or government spending.
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