IPNEWS: Recent audit of the National Social Security and Welfare Corporation which has been wrongfully politicized contrary to the auditor’s General opinion of an ‘Unqualified Audit’, which must be review from a more patriotic and fairer eye then politics.
Before banging on the heads of NASSCORP officials, one must take into consideration several things, especially what an “UNQUALIFIED AUDIT REPORT” is all about.
Firstly, an ‘Unqualified Audit’ does not mean that there were no misstatements found at all.
However, any misstatements identified were either corrected by NASSCORP or were not significant enough to be material to the audit.
It also does not mean that NASSCORP perfectly complied with all the International Standards of Supreme Audit Institutions (ISSALs). AUDIT Laws, Rules and Regulations or that it’s spending is always economical, effective or efficient. An “UNQUALIFIED AUDIT REPORT” is also known as a “CLEAN OPINION” in Audit circles. It is the best possible outcome of a financial audit.
This further means an independent auditor (GAC) has reviewed NASSCORP FINANCIAL STATEMENTS and concluded that they are presented fairly, accurately and in accordance with accounting standards like “ISSALS”, with no material misstatements.
It is also important to note that the NASSCORP “UNQUALIFIED FINANCIAL AUDIT” is a fair and accurate financial statement, for which the Auditor General of The Republic of Liberia found that the financial statements were free from significant errors or misstatements.
In the case of NASSCORP, AN “UNQUALIFIED AUDIT REPORT” means that NASSCORP financial records complied with applicable accounting principles which suggests that NASSCORP has strong internal controls. However, it does not guarantee that NASSCORP was in complete compliance with all accounting standards, Rules and principles.
Particularly, AN “UNQUALIFIED AUDIT REPORT” is significant because the Auditor General of The Republic of Liberia provides a clean opinion that builds trust with Stakeholders, and restores credibility.
