SEC GETS HIGHEST AUDIT RATING FROM COA ANEW

The Securities and Exchange Commission (SEC) received the highest audit mark from the Commission on Audit (COA) for the fourth consecutive year, saying this proves its commitment in properly managing public funds.

COA, in its independent auditor’s report, gave an “unqualified opinion” on the fairness of the presentation of the SEC’s 2021 financial statements. An unqualified opinion means that the financial statements were presented fairly and free from material misstatements.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the SEC as of Dec. 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 notes to financial statements, in accordance with the International Public Sector Accounting Standards,” the report read.

Concrete proof

SEC chair Emilio Aquino said the agency “[takes] pride in the four-year streak of unqualified opinions we have obtained from COA, which serves as a concrete proof of our adherence to transparency, accountability and good governance.”

“This testament to the honest, sound and prudent use of public funds, is especially important for the SEC, which is mandated to oversee the country’s corporate sector and should thereby serve as a model for the highest standards of transparency and accountability in the industry,” he added.

Last month, London-based Cambridge International Financial advisory also gave the SEC the Global Good Governance Advocacy and Commitment to Corporate Governance Award as it recognized its governance and sustainability initiatives.