With flying colors! Office of the Vice President gets highest audit rating from COA
The Office of the Vice President (OVP) proved it is free from corruption by getting the highest audit rating from the Commission on Audit (COA) for 2018.
COA rendered an “unqualified opinion” on the office’s financial statement for last year in a report transmitted to the OVP on Thursday (May 23).
An unqualified opinion is considered the best opinion that a government agency can get from state auditors.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the OVP as of December 31, 2018, and its financial performance, statement of cash flows, statement of changes in net assets/equity, statement of comparison of budget and actual amounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies in accordance with Philippines Public Sector Accounting Standards (PPSASs),” read the Independent Auditor’s Report signed by supervising auditor Edna Salaguban.
Aside from observing COA rules, the OVP also implements internal controls to ensure a more prudent spending of public funds.