Ano ang ibig sabihin ng Unqualified Opinion? Ito ba ay dapat ituring na highest rating mula sa COA?
Commen
Yes its not a rating, but nonetheless a positive sign that the agency is doing something right with their fiscal and financial management. In the private sector an “unqualified opinion” in their FS presents a wide range of opportunities. In the government, theres only a handful of agencies that achieved this audit opinion. This should be every government agency’s goal, to show the taxpayers that their taxes are being managed and utilized properly & judiciously.
No.
“An unqualified opinion indicates that the information presented in a company’s financial report is clean. As in a medical patient’s clean bill of health, an unqualified opinion shows that the audited financial statements can be presumed to be free from misstatements.”
I don’t think it consists an audit rating. 🙂
It is NOT an audit rating. The first time I encountered this kind of “praise” release was around two years ago when a certain media entity praised the City Government of Makati (if memory serves) for its unqualified opinion and erroneously claimed that it is the highest rating of COA. Other media outlets followed suit with such a description. An unqualified opinion does not necessarily mean sound fiscal management since your financial statements may look “clean”, hence, the clean or unmodified opinion BUT there might be IUEEU expenditures in your transactions. There might also be something irregular in the procurement process, etc. Enough said.
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