Independent auditors shall also report to the commission any non-compliance by the investment company, fund manager and fund distributor with their contractual and regulatory requirement, based solely on the matters discovered from performing the audit.
Accordingly, the independent auditors of such governments will need to obtain reasonable assurance of the reliability of those amounts in order to give an unmodified ("clean") opinion on the employer governments' financial statements.
"The clean opinions from our independent auditors after their audits of the financial statements for the four permanent funds again demonstrate the diligence with which these funds are managed," said NCUA Board Chairman Debbie Matz.
According to the independent auditor, the amount of money the city has to transfer from its general account to cover delinquent detail payments is growing - from about $8,000 in 2008 to about $350,000 in 2012.
Meanwhile, we are very happy to be working with PWC Zhong Tian as our independent auditor. This is another appointment since October 2010 when we appointed Morrison & Foerster LLP as our new legal counsel.