SEC gets good marks from COA

THE Securities and Exchange Commission (SEC) has received good marks from the Commission on Audit (COA) for the second consecutive year for the 2019 financial statement.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Securities and Exchange Commission as of December 31, 2019, 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 the International Public Sector Accounting Standards [IPSASS],” the COA report read.

Under the IPSASS, auditors issue an unqualified or unmodified opinion when they conclude that financial statements, as a whole, are free from material misstatements, which could arise from either fraud or error.

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

“The unqualified opinion rendered by COA affirms our commitment to honest, sound and prudent use of public resources to improve our operations for the benefit of the people we serve,” SEC Chairman Emilio B. Aquino said.

“The audit rating also strengthens our position to lead by example, as it speaks of our adherence to the highest standards of transparency, accountability and good governance that we likewise require of corporations, capital market participants and other entities under our supervision in the best interest of their investors, clients and other stakeholders.”

The SEC, which recently secured its ISO certification for its quality management system covering all core services across its main and extension offices, has received several recognitions for its initiatives to improve the ease of doing business in the country by eliminating red tape and other opportunities for graft and corruption, among others.