The Intellectual Property Office of the Philippines (IPOPHL) has once again secured an “unqualified or unmodified opinion” from the Commission on Audit (COA) for its financial statements in 2023. This achievement marks the 11th consecutive year IPOPHL has received this prestigious audit result.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the IPOPHL as at December 31, 2023, and its financial performance, cash flows, changes in net assets/equity, comparison of budget and actual amounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies,” COA’s Independent Auditor’s Report for IPOPHL stated.
An unmodified opinion from COA signifies that an agency’s financial statements are free from material misstatements and comply with International Public Sector Accounting Standards, thus ensuring financial transparency and accountability within government operations.
COA’s annual audits are conducted in accordance with the International Standards of Supreme Audit Institutions, a global benchmark for auditing public sector entities.
IPOPHL has consistently earned the COA rating by rigorously adhering to financial regulations under the leadership of its Financial Management and Administrative Service (FMAS).
“This achievement is reflective of the values of FMAS and the entire IPOPHL in upholding a culture of exemplary financial governance and consistently enhancing service quality for over a decade. As a financially independent government agency, we are proud of this eleven-year streak of positive findings — a testament to our steadfast dedication to integrity and diligence as a public office,” said IPOPHL Director General Rowel S. Barba.