*From the point of view of a full professor
PRIDE
at the College of Business at the University of Southern Mississippi*
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Our core mission reflects taking PRIDE in all we do - Professionalism, Respect, Integrity, Discipline, Excellence
If auditors issue a “clean” report -- nothing “wrong” is discovered during the audit -- their boilerplate opinion says:
“[a]n audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of (Name of Entity) as of (date), and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.”
“[a]n audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of (Name of Entity) as of (date), and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.”