If an auditor determines that the financial statements fairly present the financial results and position of the client except for one fairly minor,but material,item that is not properly presented,the auditor would issue a(n):

Question

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A qualified opinion is issued when the financial statements are fairly presented except for a specific material item or items that are identified in the auditor's report. This indicates that the financial statements are only partially in accordance with Generally Accepted Accounting Principles (GAAP).

If an Auditor Determines That the Financial Statements Fairly Present