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OVP gets high rating from COA

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By Raymund Antonio

The Commission on Audit (COA) has given the Office of the Vice President (OVP) the highest audit rating last year.

Vice President Leni Robredo (Kevin Tristan Espiritu / MANILA BULLETIN)

Vice President Leni Robredo (Kevin Tristan Espiritu / MANILA BULLETIN)

According to the Independent Auditor’s report transmitted to Vice President Leni Robredo’s office on Thursday, the OVP’s financial reports for 2018, including its financial position, financial performance and cash flows, were presented “fairly in all material respects and in accordance to the Philippine Public Sector Accounting Standards.”

The report was signed by supervising auditor Edna Salaguban.

The OVP under the leadership of Robredo earned an “unqualified opinion” for the first time from COA, citing the fairness of the presentation of its financial statements.

In auditing parlance, an unqualified opinion means that financial statements conform to Generally Accepted Accounting Principles and that they fairly represent the entity’s financial accounts.

This is also considered as 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,” the report read.

With her at the helm, the OVP said it has “observed not only the rules and regulations set by oversight agencies, but also its own internal controls, as it aims to observe a more prudent spending of public funds.”

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