In total, 82% (40) of the municipalities with clean audit opinions
in the previous financial year (2014-15) obtained this outcome again in the year under review (2015-16).
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.
Another problem with look-alike audit opinions
is that when every audit opinion
looks the same across auditors, then how do investors differentiate one audit firm from another?
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.
The results indicate a significant positive association between the magnitude of audit fees and the likelihood of receiving a going-concern modified audit opinion
, but we find no significant association between nonaudit fees and audit opinions
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.