A qualification by an auditor stating that the financial statements of the company audited give a true and fair view ‘except for’ the effects of any adjustments that might have been found necessary, had a limitation of scope not affected the evidence available. This limitation is not so significant that a disclaimer of opinion is required.
The auditor may also use the ‘except for’ opinion if he or she disagrees with the treatment or disclosure of a matter in the financial statements but concludes that the effect of the disagreement is not so significant that an adverse opinion is required. An opinion is expressed, which is qualified by stating that the financial statements give a true and fair view except for the effects of the matter giving rise to the disagreement. See also qualified audit report.