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Home Accounting Dictionary Letter Q Qualified Report Definition
 
 

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Qualified Report Definition:

When an auditor is not satisfied with the books of accounts, records, etc., of the business whose accounts are being audited or unhappy about explanations given by the proprietor or staff the report written as an accompaniment to the audited profit and loss account and balance sheet may be qualified.

This is obviously only important where the auditor is reporting to persons other than those who keep the books and, for that reason, qualified reports are generally associated with limited companies.

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