Over the past financial years, DCS has been receiving qualified audit reports
, from AGSA, on issues relating to non-compliance to legislative requirements, on planning and reporting, of performance information.
Therefore, qualified audit reports represent the 14% of the total reports examined.
As shown by Table 1, the number of firms with qualified audit reports decreases systematically during the subperiod 2001-2006, and increases after the year 2006, being particularly meaningful the situation in 2008, at the beginning of the international financial crisis, showing an almost 100% increase in the number of firms with qualified reports.
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.
Craswell (1999) suggested that qualified audit reports
are a strong indicator that independence has not been compromised, due to the competitive nature of auditing.
1) See Laing (2007) for details of qualified audit reports prior to 2007.
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.
Additionally, some authors document that the join provision of both services can cause a reduction of qualified audit reports
(Wines, 1994), more earnings management (Frankel, Johnson & Nelson, 2002) or more errors waived, among others, reducing audit quality as well (Hay, Knechel & Wong, 2006b).
Charles Tilley asks why qualified audit reports
are still accepted in the public sector ("A favourable variance", September).
For three years in succession the KwaZulu-Natal (KZN) Department of Education has not only received qualified audit reports
but has also not managed to deal with inherent organisational challenges.
CIMA has responded to the Accounting Standards Board's consultation paper, "IASB ED of a proposed IFRS for SMEs", and to the Financial Reporting Council (FRC) on its proposal to encourage the voluntary disclosure of qualified audit reports
SAS 34 required a qualified audit report
if there was uncertainty regarding the recoverability of assets and the classification of liabilities.