Hi. A bit new to audit and have a question on a report's opinion.
I came across a somewhat old auditor report (from a very small auditing firm) that listed several instances where employees misappropriated assets within its schedule of findings, yet the opinion was unmodified. Is this fine? I would think it'd affect the opinion not knowing everything that was misappropriated. Could it be that the auditor felt comfortable enough on how much they identified and that lowered the risk?

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Depends on the type of report and guidance. Sounds like it might be UG/A-133 where there are materiality thresholds on what would qualify a report. Guidance and report requirements for compliance audits has changed over time so the guidance now is different than it was several years ago, depending on how old the other report is.

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I'll check on that. The report is about four years old.

They caught the thief within their controls.

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Management response say they fired a few people and pressed charges.

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