OVP receives highest audit rating from COA for 2018
Credit to Author: jvicente| Date: Sat, 25 May 2019 09:21:19 +0000
MANILA, Philippines — The Office of the Vice President (OVP) said on Saturday that it received the highest audit rating from the Commission on Audit (COA) for 2018.
The OVP cited a COA report, which read that state auditors rendered an “unqualified opinion” on the fairness of the presentation of the office’s financial statement for the said fiscal year.
According to the COA, an “unqualified opinion” is considered the best opinion that a government agency would receive from state auditors.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the OVP as of Dec. 31, 2018, 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 Philippines Public Sector Accounting Standards (PPSASs),” the Independent Auditor’s Report signed by supervising auditor Edna Salaguban read.
The OVP said that under the leadership of Vice President Leni Robredo, it has observed “not only the rules and regulations set by oversight agencies, but also its own internal controls, as it aims to observe a more prudent spending of public funds.” (Editor: Jonathan P. Vicente)