OVP gets highest audit rating from COA for 2018

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Vice President Leni Robredo (FILE PHOTO)

Metro Manila (CNN Philippines, May 26) — The Office of the Vice President said Saturday it received the highest audit rating from the Commission on Audit for the year 2018.

The OVP claimed a report was transmitted on Thursday where the audit body gave an “unqualified opinion” on the fairness of how their office’s financial statement for the fiscal year was presented.

An "unqualified opinion" is an auditor's judgment that an entity's financial statements adhere to generally accepted accounting principles, and that they fairly represent the entity's financial account. It is the highest opinion state auditors may give government agencies.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the OVP as of December 31, 2018, and its financial performance, statement of cash flows, statement of changes in net assets/equity, statement of comparison of budget and actual amounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies in accordance with Philippines Public Sector Accounting Standards,” read the Independent Auditor’s Report signed by supervising auditor Edna Salaguban.

The office said it had observed the rules and regulations of oversight agencies, as well as its internal controls “as it aims to observe a more prudent spending of public funds.”