n IMFO : Official Journal of the Institute of Municipal Finance Officers - How improved compliance contributes to the achievement of a clean audit
|Article Title||How improved compliance contributes to the achievement of a clean audit|
|© Publisher:||Institute of Municipal Finance Officers (IMFO)|
|Journal||IMFO : Official Journal of the Institute of Municipal Finance Officers|
|Author||Annette Van Schalkwyk|
|Publication Date||Autumn 2013|
|Pages||6 - 9|
The Department of Cooperative Governance and Traditional Affairs (COGTA) has set the target that all municipalities must have clean audits by 2014 (it is interpreted to mean that the 2013/2014 audits must be "clean").
Does this mean that all audit opinions must be unqualified? No, it goes further than just simply being unqualified. In the private sector, an unqualified audit is the norm. However, in the public Sector a higher level of accountability is required - an unqualified audit opinion with no matters of emphasis. The goal is to achieve clean audits as we are dealing with public funds.
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