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SEC gets highest audit rating from COA


Corporate regulator Securities and Exchange Commission said Friday it has received the highest audit rating from the Commission on Audit.

In a statement, the SEC said this is the third consecutive year that it secured the highest audit rating from the COA.

Citing COA’s report dated May 20, the corporate regulator said that the state auditor gave an “unmodified opinion” or an “unqualified opinion” on the “fairness of the presentation of the commission’s 2020 financial statements.”

“In our opinion, the accompanying financial statements present fairly, 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 flows, comparison of budget and actual amounts for the year then ended, and notes to the financial statements, in accordance with International Public Sector Accounting Standards (IPSAS),” the COA report said.

According to the SEC, the audit was conducted in accordance with the International Standards of Supreme Audit Institutions (IPSAS), and in order to ascertain the level of assurance that may be placed on the management’s assertion on the financial statements; determine the propriety of transactions; recommend improvement opportunities; and determine the extent of the implementation of prior years’ audit recommendations.

An unqualified or unmodified opinion is given when auditors conclude that the financial statements as a whole are free from material misstatements, which could arise from either error or fraud, according to the IPSAS.

The SEC said it also received an unqualified opinion on the fairness of presentation of its financial statements for 2018 and 2019.

This is the longest streak of unqualified opinions received by the commission over the past decade, it added.

“The unmodified opinion of COA affirms our commitment to transparent and responsible use of public funds, especially at the height of a pandemic that required a massive and immediate government response to save millions of lives and livelihoods,” SEC Commissioner Emilio Aquino said. 

“This three-year streak of unqualified opinions received by the Commission further reflects our adherence to the highest standards of transparency and accountability. May it reinforce our advocacy for good governance among corporations, capital market participants, and other entities under our supervision toward the development of a safer and more vibrant business sector in the Philippines,” Aquino said. —LBG, GMA News

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