By Victoria “NIKE” De Dios
For seven consecutive years, the Intellectual Property Office of the Philippines (IPOPHL) takes pride in as it receives the highest mark from the Commission on Audit (COA) for its transparent and complete financial records in 2019.
In the report conducted by COA’s Independent Auditor’s (IA) for IPOPHL covering the fiscal year 2019, it is revealed that its financial statements “present fairly, in all material respects.”
Furthermore, the COA added that its financial position, financial performance, cash flows, changes in net assets or equity, comparison between budget and actual amounts for the year, and notes to financial statements were in accordance with national accounting standards.
The 2019 Independent Auditor’s findings mark IPOPHL’s seventh consecutive year of obtaining an “unqualified/unmodified opinion” rating, the best auditing mark which can only be achieved if an entity’s financial statements as a whole are free from “material misstatements” whether due to fraud or error.
Speaking to THEPHILBIZNEWS, IPOPHL Director General Rowel S. Barba welcomed the findings of COA.
“IPOPHL being fiscally autonomous is proud to be one of the few government agencies that were given the highest auditing mark. We hope this inspires our fellows in the government to fulfill their respective objectives while striving to lead in the direction of transparency, integrity, and good governance. Our stakeholders from the innovation and creative economies can be reassured that IPOPHL will not only maintain this standard but will also rise above it in the years ahead,” Director General Barba said.
“IPOPHL’s continued receipt of COA’s best mark proves our integrity and commitment to upholding transparency and accountability in all our financial activities. It also demonstrates our strategic approach in optimizing public resources while maintaining a healthy financial position,” he 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.