Customs financial statements secure highest COA evaluation

MANILA, Philippines — The Bureau of Customs (BOC) has received the highest evaluation granted by the Commission on Audit (COA) for its financial statements.

In a statement, BOC said it received an unmodified opinion or unqualified opinion from the state auditor for ensuring an accurate and fraud-free financial statement.

This is considered as the highest evaluation to state agencies from COA and is an indication of strong internal controls, as well as accuracy and integrity of financial statements.

This also shows BOC’s compliance with the International Public Sector Accounting Standards.

An unmodified opinion means that the financial statements of an agency are prepared, in all material respects, in accordance with the applicable financial reporting framework.

However, such an opinion does not necessarily mean that there were no misstatements found during the audit and that these could possibly have been corrected already by the agency.

This does not also entail that the audited agency fully complies with all the laws, rules and regulations, or that the uses of funds on the agency’s programs, projects and activities are economical, effective or efficient.

Customs Commissioner Bienvenido Rubio said BOC personnel’s commitment was instrumental in the latest COA evaluation.

Specific recognition was given to the accounting division of the Internal Administration Group, the revenue accounting division of the Revenue Collection Monitoring Group, as well as to the collection districts.

“We remain steadfast in upholding strong financial controls and delivering exceptional services to the public,” Rubio said.

“This recognition from the COA reinforces the BOC’s unwavering commitment to transparency, accountability, and responsible stewardship of public resources,” he said.

Based on the Philippine Constitution, COA conducts financial, compliance and performance audits among government agencies.