Several defense agencies have had clean opinions
for many years.
However, those audits also produced "clean opinions
," according to Harold Emling.
As McKenna poignantly explains, "When each of the notorious "financial crisis" institutions collapsed, were bailed out/nationalized by their governments or were acquired/rescued by "healthier" institutions, they were all carrying in their wallets nonqualified, clean opinions
on their financial statements from their auditors." Some of these unqualified opinions, however, had modifications (explanatory paragraphs) attached to them to indicate accounting method changes.
"Again this year, our independent auditors have given our permanent funds clean opinions
, reflecting the prudent management NCUA exercises," NCUA Board Chairman Debbie Matz said.
In order for the Navy to continue to earn clean opinions
year after year, the Navy must rely on its systems IT controls.
As I argued in a CPA Journal article, "Auditors' Responsibility for Detecting Fraud: Putting Ethics and Morality First" (June 2012), during the last five years, it is undeniable that public accounting firms rendered clean opinions
on entities later determined to be Ponzi schemes or institutions whose activities forced them into insolvency, bankruptcy, bailout, or forced merger only months later.
During the winter, the team received clean opinions
on missile motors a qualified opinion on spare engines, and a disclaimer on our Space Based Infrared System (SBIRS).
131, the annual reports of the latter two companies received "clean opinions
" from their auditors.
When an auditor finds a significant deficiency or material weakness, it can result in a stressful conversation with management--especially when long-standing clients have had clean opinions
on previous financial statement audits (see "What We're Up Against," below).
Nonetheless, it appears that nearly 90 percent of accelerated filers will have clean opinions
on their internal controls in connection with their 2004 audits.
The coefficients associated with the main effects of each of the four audit committee characteristics ([b.sub.1], [b.sub.3], [b.sub.5], [b.sub.7]) measure the relation between the characteristic and auditor dismissals following clean opinions
. However, we are primarily interested in the relation between audit committee characteristics and auditor dismissals following GC opinions.