The Securities and Exchange Commission (SEC) announced that it has maintained the Commission on Audit’s (COA) highest audit rating for the fourth consecutive year.
In a statement, the SEC said it had received an “unmodified opinion” from the COA, a testament to the Commission’s transparent and sound management of public funds.
In an independent audit report dated May 31, state auditor Concepcion C. Reyes issued an “unmodified opinion,” also known as an “unqualified opinion,” on the fairness of the presentation of the 2021 financial statements of the Commission.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the SEC as at December 31, 2021 and its financial performance, changes in net assets/equity, cash flows , comparison of budget and actual amounts for the year then ended and the notes to the financial statements, in accordance with International Public Sector Accounting Standards (IPSAS),” the report said.
The audit was performed in accordance with international standards of supreme audit institutions 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 taken as a whole are free from material misstatement, which could result from either error or fraud, according to IPSAS.
The SEC also received an unqualified opinion on the fair presentation of its financial statements for 2018, 2019 and 2020, making it the longest series of unqualified opinions the Commission has received in the past decade. .
“We are proud of the four-year streak of unqualified opinions we have obtained from the COA, which serves as concrete proof of our adherence to transparency, accountability and good governance,” said the president of the SEC, Emilio B. Aquino.
He added that “this testimony to the honest, sound and prudent use of public funds is particularly important to the SEC, which has a mandate to oversee the nation’s corporate sector and should thus serve as a model for the highest standards. transparency and accountability in the industry.
The SEC has continuously advocated for good governance and for improving the ease of doing business in the country by eliminating red tape and other opportunities for bribery and corruption.
Last month, the Commission was named the recipient of the Global Good Governance (3G) Advocacy and Commitment to Corporate Governance Award by London-based Cambridge International Financial Advisory for the second consecutive year. The award is given to individuals and institutions that view governance and sustainability as a strategic opportunity.
The SEC was also recognized as a 3G Transparency Award winner by the same financial advisory firm, in recognition of its rigorous and transparent financial, governance and strategy reporting.
In March, the Commission again received ISO 9001:2015 certification for its quality management system covering all basic services in its main and subsidiary offices.
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