MANILA, Philippines — Quezon City Mayor Joy Belmonte yesterday welcomed a positive remark or “unqualified opinion” from the Commission on Audit (COA) in connection with the local government’s financial statements for 2022.
“For the third straight year, we are fortunate to receive such kind of honor from COA. This is a testament to our honest governance and good housekeeping when it comes to public funds,” Belmonte said in Filipino during the commemoration of the country’s 125th Independence Day at city hall.
The COA had explained that an unmodified opinion, also referred to as unqualified opinion, is issued when the state auditor finds that the financial statements submitted by an agency are, in all material respects, truthful and “in accordance with the applicable financial reporting framework.”
A modified or qualified opinion, on the other hand, is issued when the auditor finds that the financial statements as a whole “are not free from material misstatement” and therefore, the auditor shall include “qualified, adverse and disclaimer of opinion” remarks in the audit report.
Belmonte was informed of the city government’s clean audit remark during a courtesy visit by COA-QC supervising auditor Joseph Perez.
Perez said the city government’s financial statements have met the “applicable financial reporting framework” following extensive scrutiny by the audit body.
“We would not have achieved this remark if not for the hard work and honesty of our employees. This recognition is for all of you,” Belmonte said.
She personally received from Perez a copy of the COA’s Annual Audit Report (AAR) for 2022.
The transmittal of the audit report was witnessed by city administrator Michael Alimurung, secretary to the mayor Ricardo Belmonte Jr. and chief of staff Rowena Macatao.
The full copy of the 2022 AAR on the QC government has yet to be posted on the COA website.
Aside from the audit of the agency’s financial statements, an AAR also contains an audit of the city government’s performance for the whole year, including compliance with laws, rules as well as observance of the principles of economy, efficiency and effectiveness when it comes to the implementation of its programs, projects and other relevant transactions, including procurements.