What is specific qualified opinion in SAP (SBO - SAP Business One)?

SAP Term: specific qualified opinion

• Component: SBO

• Component Name: SAP Business One

• Description: A specific comment added by a certified public accountant CPA to the official opinion about the financial reports belonging to an audited firm.

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• Key Concepts: 
  A specific qualified opinion is an auditor’s opinion that is qualified due to a limitation in the scope of the audit. This means that the auditor has identified a material misstatement in the financial statements, but was unable to determine the full extent of the misstatement due to the limitation in scope. In SAP Business One (SBO), a specific qualified opinion is used when an auditor is unable to provide an unqualified opinion on the financial statements. 
  
  How to use it: 
  In SBO, a specific qualified opinion is used when an auditor is unable to provide an unqualified opinion on the financial statements. This means that the auditor has identified a material misstatement in the financial statements, but was unable to determine the full extent of the misstatement due to the limitation in scope. The auditor will then provide a specific qualified opinion, which states that there is a material misstatement in the financial statements, but it cannot be determined how much of an effect this misstatement has on the overall financial position of the company. 
  
  Tips & Tricks: 
  When receiving a specific qualified opinion from an auditor, it is important to understand what caused the limitation in scope and how it affects your financial statements. It is also important to take steps to ensure that any material misstatements are corrected and that future audits are conducted with no limitations in scope. 
  
  Related Information: 
  The American Institute of Certified Public Accountants (AICPA) provides guidance on auditing standards and procedures, including guidance on specific qualified opinions. Additionally, SAP Business One provides resources and support for understanding and using specific qualified opinions.