rendered by the auditor when insufficient competent evidential matter exists to form an audit opinion. Examples are when audit scope limitationexist, or uncertainties (e.g., lawsuits) are such that the accountant cannot reasonably predict their ultimate outcome, which may have a devastating effect upon the firm.
- denial of a person's claim to a thing, though previously that person insisted on such a claim or right.
- renunciation of the right to possess and of claim to a title.
- denial of a right of another, for example, where an insurer disclaims an allegation of liability against its insured and thereby refuses to indemnify or defend the insured in a lawsuit.
- statement whereby a certified public accountant or other professional refuses to express an opinion.
a statement absolving someone (or even oneself) of responsibility. The so-called "usual disclaimer" on e-mail messages is roughly, "These are not the opinions of my employer or the organization that transmits this message for me." Many people abbreviate this to "usual disclaimer applies."The disclaimer is unnecessary unless there is something about the e-mail message that would specifically cause people to misunderstand it.
statement issued by the insurance company denying a claim under the insurance policy on the grounds that a condition or policy provision has been breached.
a statement whereby responsibility is rejected.
Example: Abel, a certified public accountant, is asked to write up the financial statement of Baker without testing (auditing) the validity of the statements. Abel's report provides a disclaimer in which he states that he did not examine the financial statements and does not accept responsibility for their accuracy.renunciation of ownership of property.
Example: Because they were no longer profitable, Baker disclaimed apartments that had become dilapidated.
