what is qualified report?In what circumtances it is considered to be nacessary?
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Qualified report is given by the auditor in either of these two cases: When the financial statements are materially misstated due to misstatement in one particular account balance, class of transaction or disclosure that does not have pervasive effect on the financial statements.
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The simple meaning of qualified audit report is that the accounting information that presents in the financial statements is not correct. ... In the qualified audit report, there is a qualified audit opinion that expresses by auditors and stating the reason why the qualified opinion is expressed.
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