The Commission on Audit (COA) has given the Makati City government an ‘unmodified opinion’ validation for the seventh consecutive year on the fairness of presentation from the city’s financial statements.
Mayor Abigail Binay expressed gratitude to COA for its impartial evaluation of the city’s compliance with financial reporting and auditing standards over the past seven years, considering it a rare achievement for a local government unit.
“We did it again! The COA opinion validates our unwavering commitment to good governance and its hallmarks, particularly transparency and accountability,” she exclaimed.
Lawyer Maria Carmina Paulita Juguilon-Pagayawan, COA National Capital Region Director IV, conveyed the latest audit result to Mayor Binay through a letter.
An unmodified or unqualified opinion is granted to local government units (LGU) when the “auditor concludes that the financial statements are prepared in all material respects, in accordance with the applicable financial reporting framework.”
Binay acknowledged the various departments, offices, and institutions of the city government for strictly adhering to COA policies and guidelines in their respective operations, emphasizing the collective effort of all sectors within the city government organization.
The city chief executive credited the city government’s use of technology for making its operations and transactions more efficient, convenient, and transparent.
The implementation of online payment platforms for various transactions was highlighted, including tax and fee payments, distribution of cash incentives and assistance, and salary and bonus payments for city hall personnel.
The local government is also set to launch an Accounting Information System (AIS) this year to enhance the efficiency and effectiveness of Accounting operations, and promote greater transparency in financial transactions.
Additionally, Makati became the first LGU in the Philippines to be accredited by the Professional Regulation Commission as a Continuing Professional Development (CPD) provider for the Accountancy Profession.
The aim of this accreditation is to keep personnel involved in accounting, auditing, taxation, and budgeting updated with the latest trends and changes in related policies and regulations.