Which of the following is NOT eligible for submission to the Certificate Program?

Choosing a Comprehensive Annual Financial Report (CAFR) with a qualified opinion resulting from inadequate accounting records is unacceptable for submission to the Certificate Program because a qualified opinion indicates that the auditor has identified significant issues that impair the reliability of the financial statements. Inadequate accounting records can suggest a fundamental breakdown in the financial reporting process, impacting the integrity and transparency of the information presented. This makes the CAFR non-compliant with the high standards required for certification, which prioritize accurate and reliable financial reporting to stakeholders.

In contrast, a CAFR that adheres to generally accepted auditing standards, even if not specifically to government standards, could still reflect a valid and reliable financial position, hence its potential eligibility. Similarly, late submissions could occasionally be acceptable depending on the circumstances surrounding the delay, particularly if they reflect otherwise compliant financial practices. Therefore, the pivotal issue with option B is the emphasis on the qualified opinion due to inadequate records, which directly undermines the credibility that the Certificate Program seeks in financial reporting.