THE Securities and Exchange Commission (SEC) has received an “unmodified opinion” from the Commission on Audit (CoA) for the fourth consecutive year due to its “transparent and sound management of public funds,” the regulator said.
State Auditor Concepcion C. Reyes rendered an “unmodified opinion,” also known as an “unqualified opinion” on the fairness of the presentation of the commission’s 2021 financial statements in an independent auditor’s report dated May 31.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the SEC as at 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 (IPSAS),” according to the report.
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 IPSAS.
The SEC also received an unqualified opinion on the fairness of presentation of its financial statements for 2018, 2019, and 2020.
“We take pride in the four-year streak of unqualified opinions we have obtained from CoA, which serves as a concrete proof of our adherence to transparency, accountability, and good governance,” SEC Chairperson Emilio B. Aquino said.
“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,” he added.
In March, the regulator received the ISO 9001:2015 Certification anew for its management system covering all core services across its main and extension offices.
The certification covers procedures related to the provision of registration of partnerships and corporations in the SEC Extension Offices in Baguio, Tarlac, Legazpi, Cebu, Bacolod, Iloilo, Davao, Cagayan de Oro, and Zamboanga. — Luisa Maria Jacinta C. Jocson