The Philippine Star

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.

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