Edmonds, Christopher T., Ryan D. Leece, Beth Y. Vermeer, and Thomas E. Vermeer (2020). The Information Value of Qualified and Adverse Audit Reports: Evidence from the Municipal Sector. Auditing: a Journal of Practice & Theory 39(1), February, 21-41.

1. Based on a review of the abstract, summarize the findings in one or two sentences.

2. Read Section II, Institutional Background. Summarize it in around 100 words using your own language. Be sure to mention the Single Audit Act of 1984.