For Qualified Report we have terms and definitions in 2 topics. The topics are Fundraising and Grantmaking.

Qualified Report (Fundraising)

The auditors’ report, qualified or unqualified, is based on reporting standards established by the American Institute of Certified Public Accountants (AICPA). It should state whether, in the auditors’ opinion, the financial statements and notes fairly represent the financial position of the organization in accordance with GAAP. In certain circumstances, the auditor may be unable to render an unqualified opinion on the financial statements, in which case either a qualified or adverse opinion would be issued or the auditor may disclaim an opinion. In a qualified report, a separate explanatory paragraph should be included as to the reasons for the qualification. The SEC will generally not accept an auditors’ report, which is qualified as to either audit scope or the accounting principles used. An audit opinion may also be modified due to going concern uncertainties. See also:Unqualified Report

Qualified Report (Grantmaking)

The auditors’ report, qualified or unqualified, is based on reporting standards established by the American Institute of Certified Public Accountants (AICPA). It should state whether, in the auditors’ opinion, the financial statements and notes fairly represent the financial position of the organization in accordance with GAAP. In certain circumstances, the auditor may be unable to render an unqualified opinion on the financial statements, in which case either a qualified or adverse opinion would be issued or the auditor may disclaim an opinion. In a qualified report, a separate explanatory paragraph should be included as to the reasons for the qualification. The SEC will generally not accept an auditors’ report, which is qualified as to either audit scope or the accounting principles used. An audit opinion may also be modified due to going concern uncertainties. See also:Unqualified Report

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