The Securities and Exchange Commission has earned from the Commission on Audit its fifth unmodified opinion on the quality of the presentation of its financial report.
In an independent auditor’s report dated 31 May, state auditor Concepcion C. Reyes rendered a so-called unmodified opinion, also known as an unqualified opinion, on the fairness of the presentation of the agency’s financial report.
“In our opinion, the accompanying statements present fairly, in all material respects, the financial position of the SEC as at December 31, 2022, and its financial performance, changes in net assets/equity, cash flows and notes to financial statements, in accordance with International Public Sector Accounting Standards,” the COA said.
An 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, 2020 and 2021, making this the longest streak of unqualified opinions the agency has received over the past decade.
“As the overseer of the corporate sector, it is of paramount importance that the SEC serve as a role model in financial accountability and transparency,” SEC chairman Emilio B. Aquino, the first CPA-lawyer to lead the agency, said.
Upon the nomination of COA, the SEC was named Outstanding Accounting Office by the Association of Government Accountants of the Philippines in 2022. Aquino was given the Accountancy Centenary Award of Excellence at the accountancy profession’s 100-year anniversary.
The SEC has received the 3G Awards for Good Governance and Transparency by London-based Cambridge International Finance Advisory from 2021 to 2023. It also received the 3G Awards for Transparency in 2022, as well as the 3G Awards for Championship in ESG Practices in 2023.
