In an audit report in the annual report,a qualified opinion states that the financial statements are presented fairly in all material respects.

Question

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A qualified opinion indicates that while the financial statements are generally presented fairly, there are certain exceptions or limitations that the auditor has identified, and that these exceptions or limitations may have a material impact on the financial statements. Therefore, a qualified opinion is not equivalent to stating that the financial statements are presented fairly in all material respects.

In an Audit Report in the Annual Report,a Qualified Opinion