Makati gets highest audit rating from COA

The local government of Makati City earned the highest audit rating from the Commission on Audit (COA) after the government watchdog gave it “an unqualified opinion on the fairness of presentation of the financial statements” for the year 2017, the top city official said Tuesday.

Mayor Abigail Binay said an “unqualified audit opinion” is the best opinion an auditor can issue.

“[This] means that our financial report for 2017 has fully satisfied the requirements of the auditor. This is the first time that Makati has earned the highest audit rating from COA,” she bragged.

COA Director for Local Government Sector-National Capital Region Adelina Concepcion Ancajas, in her letter of transmittal addressed to the mayor, said the commission had “rendered an unqualified opinion on the fairness of presentation of the financial statements of the city.”

As per summary published in the official website of COA dating back to 2007, Makati had received its “qualified opinion” in 2007, and from 2010 up to 2016.

An unqualified opinion, in auditing parlance, means that financial statements conform to Generally Accepted Accounting (GAA)Principles, and that they fairly represent the entity’s financial accounts.

Binay attributed the latest achievement of the city to the full support of all city government departments and offices to the reforms and innovations implemented by her administration.

“I would like to acknowledge the efforts of all the departments and offices of the city government to achieve the highest level of compliance with laws governing the appropriation, management and utilization of government funds. This unprecedented achievement for our city proves that we can achieve anything through unity and collaboration,” the mayor said.

Following the implementation of reforms aimed to enhance efficiency and transparency in the systems and operations at City Hall, the city’s revenue collections increased by 12 percent in 2017.

It was the first time in 12 years that the city posted a two-digit increase in its annual revenue collections. From January to April this year, total revenue collections of the city reached R11.1 billion, or a nine percent increase over the same period last year.

Currently, health, education and social welfare services remain the top priorities of the Binay administration.