NEA bags top COA rating

State-run National Electrification Administration (NEA) has received the highest rating audit from the Commission of Audit (COA).

In a statement, the agency said this “unqualified opinion” validates its efforts towards transparency in financial operations.

The state auditor rendered an unqualified audit opinion on the fairness of presentation of the NEA’s financial statements for the calendar year 2017, according to the latest COA Independent Auditor’s Report (IAR).

COA said NEA’s financial records are in conformance with the Philippine Public Sector Accounting Standards.

“We have audited the financial statements of the NEA... In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the NEA,” the IAR said.

The report, signed by OIC supervising auditor Glorina Suson, covered the agency’s which comprise the financial position as of Dec. 31, 2017, statement of changes in equity and cash flows for the year ended.

Since 2007, the NEA – tasked to implement the total electrification of the country – has been given an unqualified opinion by the state auditor.

According to NEA administrator Edgardo Masongsong, “the COA opinion is enough proof of the agency’s steadfast resolve in adhering to sound resource management rules and compliance to duly-established accounting principles.”

For 2017, NEA registered total assets of P23.81 billion, and total liabilities and equity of P23.81 billion.

During the same year, the state-run agency also recorded an income of P675.41 million with a net surplus of P152.65 million for the year.