SEC gets highest audit rating from COA

MANILA, Philippines — The Securities and Exchange Commission (SEC) has received the highest audit rating from the Commission on Audit (COA) for the third consecutive year.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Securities and Exchange Commission as of Dec. 31, 2020, 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 the financial statements, in accordance with International Public Sector Accounting Standards (IPSAS),” according to state auditor Concepcion Reyes in a report dated May 20.

Reyes rendered an unmodified opinion, also known as unqualified opinion, on the fairness of the presentation of the commission’s 2020 financial statements.

An unqualified or unmodified opinion is given when auditors conclude that the financial statements as a whole are free from material misstatements which could arise from either error or fraud, according to the International Standards of Supreme Audit Institutions.

The SEC also received an unqualified opinion on the fairness of presentation of its financial statements for 2018 and 2019, marking the longest streak of unqualified opinions received by the SEC over the past decade.

SEC chairman Emilio. Aquino said the unmodified opinion of COA affirms the agency’s commitment to transparent and responsible use of public funds.

“This three-year streak of unqualified opinions received by the commission further reflects our adherence to the highest standards of transparency and accountability. May it reinforce our advocacy for good governance among corporations, capital market participants, and other entities under our supervision toward the development of a safer and more vibrant business sector in the Philippines.” Aquino said.

The SEC has also been credited for its efforts to improve ease of doing business in the country by eliminating red tape and other opportunities for graft and corruption as well as for its initiatives toward good governance.