The Intellectual Property Office of the Philippines (IPOPHL) once again received an “unqualified or unmodified opinion” from the Commission on Audit (COA).
An unqualified or unmodified opinion is the best auditing mark given to offices with financial statements that are free from “material misstatements” whether due to fraud or error.
“As a self-sustaining agency, it is paramount for IPOPHL to comply with the law in managing its funds. Our compliance ensures that we utilize them properly to upgrade our services and fulfill our mandate of promoting intellectual property for the progress of the country’s innovative and creative sectors,” Director General Rowel S. Barba said.
“Obtaining the highest COA mark is not an easy feat due to the exacting standards that we have to observe in each financial transaction. But having pulled this through with a nine-year streak all the more proves IPOPHL’s commitment to clean governance and quality public service,” the IPOPHL chief added.
COA’s Independent Auditor’s Report for IPOPHL said the office’s financial statements as of December 31, 2021 “present fairly, in all material respects” its financial position, financial performance, cash flows, changes in net assets/equity, comparison between budget and actual amounts for the year, and notes to financial statements compliant (usual auditing term used for compliance is in accordance)with International Public Sector Accounting Standards.
“As we have been obtaining the highest COA mark for nearly a decade, I hope we strengthen FIlipinos’ confidence and trust in IPOPHL as we continuously support the recovery of businesses, inventors and creators through IP protection,” Barba added.
COA’s annual audit ensures that government offices adhere to the highest standards of transparency, accountability, and good governance. The audit is conducted in accordance with the International Standards of Supreme Audit Institutions, the global auditing standards for entities in the public sector.
