FOR the first time since its charter in 1937, the Cebu City Government has earned an “unmodified opinion” from the Commission on Audit (COA) after examining the local government unit’s financial statements for the year 2020.
This is the first time the City Government has received such rating, which is the best auditing mark COA grants. This shows Cebu City’s financial statements present fairly the City’s financial position, free from any material misstatements.
Mayor Edgardo Labella welcomed the news.
“I am very happy that we were able to receive this unmodified opinion from COA in our first term of office as mayor. And this happened while we were in the thick of the Covid pandemic last year,” he said.
In its Annual Audit Report, COA said the City’s financial statements “present fairly, in all material respects,” the financial position and its financial performance, its cash flows and its comparison of budget and actual amounts for the year then ended in accordance with International Public Sector Accounting Standards.
“We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our unmodified opinion,” the report added.
The COA also commended the City’s accounting office for its timely submission of the financial statement last Feb. 11, 2021.
Despite disruptions from the coronavirus disease 2019 outbreak last year, the City showed an increase in assets and liabilities, including both in income and expenses, and in appropriation allotment and actual obligations.
COA also highlighted in its report that the City accomplished 16 infrastructure projects with 13 ongoing projects amounting to P242,287,497.67.
These projects include roads and drainage improvements in different barangays; construction and improvement of multipurpose buildings, evacuation centers, school buildings, hospital and dormitory; and installation of digital traffic system, among others.
COA’s yearly audit aims to ensure that government offices assure its transparency and accountability in governance in accordance with the International Standards of Supreme Audit Institutions, authoritative international standards on the public sector. (PR)