COA gives OVP highest audit rating for third successive year | Inquirer News
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COA gives OVP highest audit rating for third successive year

By: - Reporter / @DYGalvezINQ
/ 04:56 PM June 29, 2021
COA gives OVP highest audit rating for third successive year

Vice President Leni Robredo. (File photo by OVP)

MANILA, Philippines — For the third consecutive year, the office of Vice President Leni Robredo received the highest audit rating from the Commission on Audit (COA).

The Office of the Vice President (OVP) said that state auditors gave an “unqualified opinion” on its financial report for the fiscal year 2020.

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According to COA, an “unqualified opinion” rating is considered the best opinion that a government agency can receive. COA gives such a rating when a government office has fairly presented its financial position and has its financial statements in order, in accordance with the Philippine Public Sector Accounting Standards.

The OVP also received an “unqualified opinion” from state auditors for the fiscal years 2018 and 2019.

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READ: OVP gets COA’s highest audit rating for second straight year

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of OVP as of December 31, 2020, and its financial performance, statement of cash flows, statement of changes in net assets/equity, statement of comparison of budget and actual amounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies in accordance with International Public Sector Accounting Standards (IPSASs),” the report said.

Robredo credited her staff for the consistent highest ratings they received from COA.

“Mahalaga ang recognition na ito dahil patunay siya sa pagpapahalaga natin sa pagsasaayos ng ating mga sistema, lalo pagdating sa maayos na paggamit ng pera ng bayan,” she said in a statement Tuesday.

The Vice President also welcomed the observations and recommendations the state auditors noted in its report to improve the OVP’s financial processes.

As part of the OVP’s continuous efforts to provide quality public service, the office also received its recertification from the International Organization for Standardization (ISO) in February this year.

KGA

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TAGS: Audit, COA, ISO, Leni Robredo, OVP
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