A qualified report is issued when all auditing conditions have been met, no significant misstatements have been discovered, and it is the auditor's opinion that the financial statements are fairly stated in accordance with GAAP.

Question

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A qualified report is issued when there are scope limitations or departures from GAAP that are significant but not pervasive enough to require an adverse or disclaimer of opinion. Therefore, if no significant misstatements have been discovered and the financial statements are fairly stated in accordance with GAAP, an unqualified report should be issued.

A Qualified Report Is Issued When All Auditing Conditions Have