Africa-Press – Liberia. Auditor General P. Garswa Jackson’s opinion on the recent financial statement audit of the National Social Security and Welfare Corporation (NASSCORP) has sparked national debate.
The report concluded with an “Unqualified Audit Report,” also known as a “Clean Opinion” in auditing terms.
The AG’s opinion, addressed to NASSCORP’s Director General, Dewitt VonBallmoon, in a Letter, detailed auditors’ findings with analysts concluding that it was “an unqualified Audit Report or a clean opinion.
An “Unqualified Audit Report” is the highest level of assurance an external auditor can provide regarding an organization’s financial statements. It means that, after thorough examination, the auditor found the financial statements to be presented fairly and in accordance with the applicable accounting standards, such as the International Standards of Supreme Audit Institutions (ISSAIs).
However, financial experts said it is important to clarify that an unqualified opinion does not mean that no mistakes were identified during the audit. Rather, any errors found were either corrected by NASSCORP or were so minor that they were not considered material to the overall financial statements.
So, what does the Auditor General’s opinion really mean?
Financial experts say the Auditor General’s opinion indicates that NASSCORP’s financial statements are free of significant errors and provide a true and fair view of the organization’s financial position.
Financial experts further explained that the unqualified report confirms that NASSCORP’s financial records comply with applicable accounting principles and standards.
However, experts say that while an unqualified opinion suggests that NASSCORP has adequate internal controls, it does not guarantee complete compliance with all accounting standards, laws, or regulations.
“The report does not imply perfect compliance with all International Standards of Supreme Audit Institutions (ISSAIs), audit laws, rules, regulations, or that every aspect of NASSCORP’s operations is always economical, effective, or efficient.” The Financial expert who spoke on condition of anonymity told The New Dawn on Sunday.
The expert explained that receiving an unqualified audit report is a significant achievement for NASSCORP. It means the independent auditor—the Auditor General of the Republic of Liberia—has reviewed the financial statements and found them to be reliable and in accordance with accounting standards.
According to the expert, this “clean opinion” helps to: Build trust with stakeholders, including government officials, donors, and the public. Restore and strengthen the credibility of NASSCORP’s financial management and reporting and demonstrate a commitment to transparency and accountability in financial operations.
“An unqualified audit report, or ‘clean opinion,’ is the best possible outcome for a financial audit. It assures stakeholders that NASSCORP’s financial statements are fair, accurate, and materially compliant with accounting standards. While it does not guarantee perfection or absolute compliance with every rule and regulation, it is a strong indicator of sound financial management and internal controls at NASSCORP.” The financial expert concluded.
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