Departments made a significant contribution towards clean audit opinions
in 2014-15, increasing their total from 40 to 47, while 84 public entities received clean audits.
The NCUA announced that its four permanent funds received clean audit opinions
for 2014, according to audited financial reports released by agency's Inspector General.
68 would not prevent employers in cost-sharing plans from receiving modified audit opinions
on their financial statements.
The following year, we achieved the first of four consecutive clean audit opinions
using the process that still is in use today.
Specifically, it was alleged that (1) working papers did not support reported opinions, (2) supervisors dropped findings and changed audit opinions
without adequate evidence, and (3) sufficient work was not performed to support audit conclusions and opinions.
To facilitate managers' understanding of the new requirements they face, we first provide an overview of the three required audit opinions
LaFond compared unaudited financial disclosures by companies prior to Sarbanes-Oxley to audit opinions
issued after the law was enacted.
Ideally, the identification system will lower the cost of item management, improve item availability, increase asset visibility and traceability, help achieve clean audit opinions
, and improve long-term inventory management and strategic purchasing for the DoD.
However, reading further, we find "many agencies have been able to obtain unqualified audit opinions
only through 'heroic efforts,' which include expending significant resources to use extensive ad hoc procedures and making billions (emphasis added) of dollars in adjustments to derive financial statements months after the end of the fiscal year.
The plaintiff; said that the firm had fraudulently issued "clean" audit opinions
on the statements despite its knowledge of facts that revealed the falsity of the statements.
Based on the facts presented, E&Y's unqualified audit opinions
on Wal-Mart's financial statements seem appropriate.
Recently Labor Department Inspector General James Hyland and his deputy Raymond Maria wrote that "major business failures following unqualified audit opinions
have generated unprecedented public concern that the accounting profession is not protecting investors and creditors through the discovery and reporting of fraud and irregular activities.