The Securities and Exchange Commission (SEC) has once again received an unmodified opinion from the Commission on Audit (COA) on its 2024 financial statements, marking the seventh consecutive year of top-tier audit marks under the leadership of outgoing chairman Emilio B. Aquino.
The COA confirmed that the SEC’s 2024 financial reports were presented fairly and free from material misstatements, either due to error or fraud—criteria consistent with the International Public Sector Accounting Standards. An unmodified opinion, also known as an unqualified opinion, reflects full compliance with applicable accounting standards and a high level of fiscal integrity.
“This affirms our steadfast commitment to transparency, accountability, and sound fiscal management in serving the public trust,” said Aquino, whose term concluded Thursday. He is the first CPA-lawyer to chair the SEC.
From 2018 through 2024, the SEC consistently earned unmodified audit opinions, the longest such streak in over a decade. The agency has also been twice named an Outstanding Accounting Office by the Association of Government Accountants of the Philippines (AGAP) in 2021 and 2023.
Regulatory observers note the consistent COA marks bolster the SEC’s credibility as a capital markets watchdog and corporate registrar. Aquino’s administration has emphasized internal governance reforms aimed at reinforcing public confidence in regulatory institutions.
Aquino was also honored this year with the Accountancy Centenary Award of Excellence during the profession’s 100th anniversary celebrations.
