Frazer LLP Blog

Modified Audit Opinion? You’re Not Alone.

Nov 29, 2016 1:50:37 PM / by Steve Bastardi, CPA posted in Institutions of Higher Learning, Modified Audit Report, Audit Opinion

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This is the ninth in a series of 10 blog posts related to the Top 10 Audit Findings of the U.S. Department of Education.

A qualified auditor’s opinion cited in the audit report is one of the top 10 audit findings by the U.S. Department of Education. Serious deficiencies and areas of concern included:

  • - R2T4 violations
  • - Inadequate accounting systems and/or procedures
  • - Lack of internal controls

Receiving anything other than an unmodified (unqualified) opinion is a disturbing experience, but it does occur from time to time. It might help to know you’re not alone. Receiving a modified (qualified) audit opinion offers the opportunity to focus improvement efforts in identified areas of weakness in operations, financial reporting and compliance.

Even the U.S. Department of Education (ED) has had its challenges over the years.
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