GAC “Unqualified Opinion” of NASSCORP Financials “Positive” -GAC Audit Report Says NASSCORP Followed Standards

MONROIA – The General Auditing Commission (GAC) on October 6, 2025, wrote the Director General of the National Social Security and Welfare Corporation (NASSCORP), Mr. Dewitt VonBallmoos, presenting its Report on the Financial Statements of Audit of NASSCORP for the Year Ended December 31, 2022.

The Auditor General Report on the Financial Statement Audit of NASSCORP for the Fiscal Year Ended December 31, 2022, specifically included audits of the Statement of Financial Position, Income Statement, Statement of Cash Flows and Notes to the Financial Statements including summary of significant accounting policies and other explanatory information.

According to the GAC, the accompanying financial statement from the NASSCORP audit presents fairly the Statement of Financial Position, Statement of Financial Performance, Cash Flow Statement, Statement of Comparison of the Budget and Actual Amounts and a summary of significant accounting policies and other explanatory notes for the year ended in accordance with Generally Accepted Accounting Principles (GAAP).

Further providing the basis for its fair/unqualified opinion of the NASSCORP audits, the GAC said: “We conducted our audit in accordance with the International Standards of Supreme Audit Institutions (ISSAIs). Our responsibilities under these standards are further described in the Auditor’s Responsibilities for the audit of the financial statements of our report. We are independent of NASSCORP in accordance with the Ethical requirements that are relevant to our audit of our financial statements, and we have fulfilled our ethical responsibilities in accordance we have obtained is sufficient and appropriate to provide a basis for our opinion.”

Basis for the GAC Unqualified/Fair Opinion

Amid the hullabaloo that has seemingly erupted over the GAC Audit of NASSCORP covering December 2022, fiscal pundits have generally agreed that the report of “unqualified” does not mean that there were no misstatements found at all. Rather, any misstatements identified were either corrected by NASSCORP or were not significant enough to be material. It also does not mean that NASSCORP is perfectly compliant with all the International Standards of Supreme Audit Institutions (ISSALs), AUDIT Laws, Rules and Regulations or that its spending is always economical, effective or efficient.

According to pundits, an “unqualified report” is also known as a “clean opinion” in Audit circles and is usually the best possible outcome of a financial audit. It means an independent auditor (GAC) has reviewed NASSCORP financial statements and concluded that they are presented fairly, accurately and in accordance with international accounting standards like “ISSALS”, with no material misstatements.

Key Characteristics and Takeaways

Generally, pundits who have reviewed the GAC’s audit opinion of NASSCORP say: “The NASSCORP “unqualified financial audit” is a FAIR and ACCURATE FINANCIAL STATEMENT. This means that The Auditor General of The Republic of Liberia found that the financial statements were free from significant errors or misstatements. ““An unqualified audit report means that NASSCORP financial records complied with applicable accounting principles.

It is also clear that “An unqualified audit report” also suggests that NASSCORP has strong internal controls. Even though, it does not guarantee that NASSCORP was in complete compliance with all accounting standards, Rules and principles.

Finally, the pundits are of the general opinion that an “unqualified audit report” is significant because the Auditor General of The Republic of Liberia provides a clean opinion that builds trust with Stakeholders and restores credibility,” pundits have opined.

The Four Types of Audit Opinions

According to KPM CPA & Auditors, the first page of the audited financial statements is the auditor’s report, which is an important part of the financials that should never be overlooked.

“It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free from material misstatement.

In general, there are four types of audit opinions, ranked from most to least desirable, with the unqualified opinion being the most desirable.

The Unqualified Opinion, which is a clean ‘unqualified’ opinion is the most common (and desirable). Here, the auditor states that the company’s financial condition, position, and operations are fairly presented in the financial statements.

The Qualified Opinion is where the auditor expresses a qualified opinion if the financial statements appear to contain a small deviation from GAAP but are otherwise fairly presented. To illustrate: An auditor will ‘qualify’ their opinion if a borrower incorrectly estimates the reserve for a contingency, but the exception doesn’t affect the rest of the financial statements.

Qualified opinions also are given if the company’s management limits the scope of audit procedures. For example, a qualified opinion may have resulted if you denied the auditor access to year-end inventory counts due to safety concerns during the COVID-19 pandemic.

The Adverse Opinion, the third of the audit opinions, is when an auditor issues alarms that there are material exceptions to GAAP that affect the financial statements as a whole. Here, the auditor indicates that the financial statements aren’t presented fairly. Typically, an adverse opinion letter outlines these exceptions.

And lastly, the Disclaimer opinion, which is even more alarming to lenders and investors, occurs when an auditor gives up in the middle of an audit. Reasons for disclaimers may include significant scope limitations, material doubt about the company’s going-concern status, and uncertainties within the subject company itself. A disclaimer opinion letter briefly outlines the auditor’s reasons for throwing in the towel.

“From all indications, the GAC’s unqualified opinion result of the NASSCORP audit shows that the institution is following general accepted accounting principles, even though there could be need for improvements,” says Matthew Zubah Kollins.