Present fairly is a term used within the text of an audit report to indicate that the following concepts were in place at the entity under review:
The accounting principles applied by the firm are generally accepted
The accounting principles are appropriate under the circumstances encountered by the firm
The financial statements are reasonably informative about matters that may impact their use and interpretation
The financial statement information is reasonably classified and summarized
The financial statements reflect the underlying transactions within a range of acceptable limits
Consequently, using the term "present fairly" means that the financial statements attached to the auditor's report give a reasonable view of the financial results, financial position, and cash flows of the reporting entity.