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Adverse audit opinions on ICFR taper off in 2017

Tammy Whitehouse | September 28, 2018

For the first time since 2010, adverse auditor opinions on internal control over financial reporting tapered off in 2017.

In an analysis by Audit Analytics, 4.9 percent of public company annual filings in 2017 contained an adverse opinion from auditors on the effectiveness of internal control over financial reporting to produce financial statements free of material error. That was a drop from 6.7 percent in 2016, a figure that had risen steadily from 3.5 percent in 2010.

The data show adverse audit opinions landed at 15.9 percent in 2004, the early days after the Sarbanes-Oxley Act required companies to make assessments of their internal controls and auditors to issue opinions on those assessments. As companies...

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