SEC obtains highest COA audit score
The corporate regulator Securities and Exchange Commission said on Friday it received the Commission’s highest audit rating on the audit.
In a statement, the SEC said this is the third consecutive year that it has achieved the highest COA audit rating.
Citing the COA report dated May 20, the corporate regulator said the auditor had given an “unmodified opinion” or “unqualified opinion” on the “fairness of the presentation of the 2020 financial statements of the commission â.
“In our opinion, the accompanying financial statements fairly present, in all material respects, the financial position of the Securities and Exchange Commission as at December 31, 2020, and its financial performance, changes in net assets / equity, cash flow, comparison of the budget and actual amounts for the year ended on that date, and the accompanying notes to the financial statements, in accordance with International Public Sector Accounting Standards (IPSAS), âthe COA report said.
According to the SEC, the audit was conducted in accordance with International Standards for Supreme Audit Institutions (IPSAS) and in order to determine the level of assurance that can be given to management’s assertion on the financial statements; determine the merits of transactions; recommend opportunities for improvement; and determine the extent of implementation of audit recommendations from previous years.
An unqualified or unmodified opinion is given when the auditors conclude that the financial statements as a whole are free from material misstatement, which could result from error or fraud, under IPSAS.
The SEC said it also received an unqualified opinion on the fair presentation of its financial statements for 2018 and 2019.
This is the longest string of unqualified opinions received by the committee in the past decade, he added.
“The COA’s unmodified opinion affirms our commitment to a transparent and accountable use of public funds, especially at the height of a pandemic that has required a massive and immediate government response to save millions of lives and resources. sustenance, “said SEC commissioner Emilio Aquino.
âThis three-year streak of unqualified opinions received by the Commission further reflects our adherence to the highest standards of transparency and accountability. May he strengthen our advocacy for good governance among companies, capital market players and other entities under our supervision for the development of a safer and more vibrant business sector in the Philippines? Said Aquino. âLBG, GMA News