The Commission on Audit (COA) granted the Securities and Exchange Commission (SEC) an “unqualified opinion” for FY 2021 – a rating only given to agencies if their financial statements were presented appropriately, has no errors, and adheres to generally accepted accounting principles (GAAP).
“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,” COA said in their report.
This is the fourth consecutive year that SEC received an unqualified opinion from COA, which SEC chairperson and CEO Emilio Benito Aquino saw as proof of the agency’s integrity in using taxpayer money.
“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,” Aquino claimed.
Mark Ernest Famatigan is a news writer who focuses on Philippine politics. He is an advocate for press freedom and regularly follows developments in the Philippine economy. The views expressed are his own.
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