Latest news with #AnnualAuditReport
GMA Network
5 days ago
- Business
- GMA Network
COA's unmodified opinion doesn't mean absence of irregularities —Palace
Palace Press Officer Claire Castro said an unmodified opinion by CAO does not mean there were no irregularities in the use of the budget by the agency. (Screenshot from PCO) Palace Press Officer Undersecretary Atty. Claire Castro said Friday that the ''unmodified opinion'' score of the Office of the Vice President from the Commission on Audit does not mean that there is no anomalous use of funds. Castro was asked for comment on COA saying that the financial statements of Vice President Sara Duterte's office present "fairly, in all material respects, the financial position of OVP as of December 31, 2024." ''Okay, liwanagin po natin ang unmodified opinion na ibinibigay po ng COA para po hindi masyadong maguluhan ang ordinaryong Pilipino. Kapag sinabi po kasing unmodified opinion, it pertains only to the financial statement presentation. So, ibig sabihin, sumunod lang po sa financial reporting framework, kumbaga iyong format, kung ano iyong laman, nagbalanse,'' Castro said in a briefing. ''Pero hindi po ito nagpapatunay na walang anomalya. Iba po iyong tama ang pag-report at iba iyong tama ang paggamit ng pondo. Kung sinasabing may continuing commitment ang OVP dahil dito sa unmodified opinion for transparency, accountability, judicious use of funds, as well as compliance with principles of good governance, tandaan po natin, iyong opinyon na iyon ay hindi po patungkol sa compliance and performance audits,'' she added. Castro pointed out that this does not mean there were no irregularities in the use of the agency's budget. ''So, ang ibig sabihin, iyong level of compliance with regard to the laws, rules and regulations, at kung ito ba ay nababase sa principles of efficiency and effectiveness, hindi po siya ang covered ng unmodified opinion ng COA,'' Castro said. ''Dahil kahit po nagkaroon ng unmodified opinion ang COA sa OVP since 2022, mayroon pa rin pong notice of disallowance sa halagang 73 million pesos sa confidential funds; mayroon din pong notice of disallowance or na-flag ang 164 million ng OVP for the 2023 confidential funds; at mayroon pa rin pong na-flag sa PagbaBAGo Campaign at Negosyo Ta 'Day. At sa ating pagkakaalam, nabanggit din naman po ng OVP na mayroon pa pong flag for 2024 dito sa report ng COA para sa OVP,'' she added. The COA issues an unmodified opinion or unqualified opinion when the state auditor "concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework."The COA, however, only issues an unqualified or qualified opinion on the Financial Audit part of the Annual Audit Report on government agencies, including the also clarified that an audit opinion 'should not be viewed as a rating, score or grade, with ranking of lowest to highest,' stressing that it only pertains to the financial audit done by state auditors on the House of Representatives impeached Duterte on February 5, with over 200 lawmakers endorsing the complaint. On June 10, the Senate impeachment court convened, with the trial proper expected to begin in the 20th Congress. Among the seven articles of impeachment against Duterte was the alleged malversation of P612.5 million in confidential funds with questionable liquidation documents. Duterte has since denied the allegations.—LDF, GMA Integrated News
GMA Network
7 days ago
- Business
- GMA Network
OVP scores 'unmodified opinion' from COA for 2024
The Office of the Vice President (OVP) has received an "unmodified opinion" from the Commission on Audit (COA) for the third consecutive year. In its 2024 annual audit report, the COA stated that the financial statements of Vice President Sara Duterte's office present "fairly, in all material respects, the financial position of OVP as of December 31, 2024." The state auditors also said that the OVP's "financial performance, cash flows, changes in net assets/equity, and comparison of budget and actual amounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies are in accordance with International Public Sector Accounting Standards." The OVP, for its part, said that the COA's unmodified opinion for 2024 highlights its "continuing commitment to transparency, accountability, and the judicious use of public funds, as well as compliance with the principles of good governance and sound financial administration upheld by state auditors." The COA issues an unmodified opinion or unqualified opinion when the state auditor "concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework." The COA, however, only issues an unqualified or qualified opinion on the Financial Audit part of the Annual Audit Report on government agencies, including the OVP. Other parts of the Annual Audit Report include Performance Audit and Compliance Audit. The COA has clarified that an audit opinion 'should not be viewed as a rating, score or grade, with ranking of lowest to highest,' stressing that it only pertains to the financial audit done by state auditors on the agencies. To recall, the House of Representatives impeached Duterte on February 5, with over 200 lawmakers endorsing the complaint. On June 10, the Senate impeachment court convened, with the trial proper expected to begin in the 20th Congress. Among the seven articles of impeachment against Duterte was the alleged malversation of P612.5 million in confidential funds with questionable liquidation documents. Duterte denied the allegations. —LDF, GMA Integrated News
