COA has said that an audit opinion pertains only to the financial audit and 'does not provide any conclusions on the agency’s level of compliance with laws, rules and regulations'
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“It is important to note that the financial statements represent only a facet of an agency and that an audit opinion does not provide any conclusions on the agency’s level of compliance with laws, rules and regulations, nor the application of the principles of economy, efficiency, and effectiveness in the agency’s operations,” COA said.
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