'Any officer whose vote received a qualified audit report
in the Auditor General's report shall not be eligible for designation as an accounting officer unless cleared through writing by the Auditor General,' says the committee.
They said: "A qualified audit report
does not reflect the financial health of the business, and it does not mean that the financial statements are not transparent.
Our results show that the likelihood of receiving a qualified audit report
decreases with tenure.
The main reason for 41% of the audit opinions included in this study receiving a qualified audit report
was due to the councils' exposure to the impacts from the collapse of the US sub prime mortgage market.
SAS 34 required a qualified audit report
if there was uncertainty regarding the recoverability of assets and the classification of liabilities.
59 audit reports have consistently found that only about 40 to 45% of bankrupt companies received a "subject to" qualified audit report
on their financial statements for the year immediately preceding bankruptcy.
While it is true that auditors have few weapons and no legal authorities or powers other than the threat of a qualified audit report
, auditors must strengthen the audit process.
9 The likelihood of a qualified audit report
if they are not complied with.
of North Texas), examining such specific topics as: current issues in European bank regulation in relation to government spending and borrowing, the relative effectiveness of qualified audit reports
as accountability mechanisms in Spain, long-range anomalies in the real return on corporate equity compared with realized returns from the real assets on corporations, stability and the recently expanded commodity futures trading in oil and gold, unintended consequences of electric power regulations requiring retail utilities to buy all the power produced by wind and solar generators linked to the grind, and evidence concerning the value of technical analysis to portfolio performance.