A qualified audit 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.

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A qualified audit report is issued when there are exceptions to the accounting principles or limitations on the scope of the audit, but the financial statements are still mostly in accordance with GAAP.

A Qualified Audit Report Is Issued When All Auditing Conditions