Adverse audit opinion
The auditor states outright that the accounts are not reliable: the misstatements are material and pervasive.
How to read the number
The harshest form of opinion. After it, working through multiples is pointless — the denominator is unconfirmed.
When the metric lies
Rare, because matters seldom get that far: the company either corrects the accounts or changes its auditor first.
Also known as: adverse opinion