When we merge unqualified opinions
with explanatory notes into the modified opinion group, both the parametric and nonparametric tests indicate that the 911 unqualified negative earnings surprises are, on average, not announced later than the 164 positive earnings surprises with modified opinions.
The site explains in lay terms the American Institute of CPAs peer review program and the significance of the firm's history of unqualified opinions
Municipalities with clean audit opinions represent R70,9 billion (19%) of this amount, while those with unqualified opinions
with findings represent R218 billion (57%).
which expressed unqualified opinions
on management's assessment and on the effectiveness of the Company's internal control over financial reporting as of December 31, 2006.
For fiscal year 2003, 20 of 23 Chief Financial Officers (CFO) Act agencies received unqualified opinions
, the same number received by these agencies in fiscal year 2002, up from 6 for fiscal year 1996.
When the CFO Act was passed in 1990, only three agencies were issuing audited financial statements, and none had unqualified opinions
. That number has steadily increased.
Of these 10, six received clean audit opinions, while the North West, Northern Cape and Limpopo legislatures received unqualified opinions
In 1999 the incidence of unqualified opinions
with additional language began to increase among restatement entities, a trend that continued through 2002.
The department has appealed to municipalities to redouble their efforts to comply with Operation Clean Audit s goal of achieving unqualified opinions
from 100% of municipalities and municipal entities by the time of the next audit in 2014.
Professional standards (AU section 508.10) provide for the following audit opinions: unqualified opinions
; explanatory language added to the auditor's standard (unqualified) report; qualified opinions; adverse opinions; and a disclaimer of opinion.
Irrespective of the unqualified opinions
, many federal agencies do not have timely, accurate, and useful financial information and sound controls with which to make informed decisions and to ensure accountability on an ongoing basis.
Unfortunately, the issuing of unqualified opinions
, even after receiving some red flag warnings that fraud was occurring, led to the Andersen settlement.