The Securities and Exchange Commission (SEC) on Wednesday said it has been recognized for having one of the outstanding accounting offices in the public sector for 2021.
The award, conferred by Association of Government Accountants of the Philippines Inc. (Agap), was given to organizations nominated by the Commission on Audit for exemplifying quality, timeliness and accuracy in their financial reports.
Established in 1953, Agap aims to gather reputable and dynamic government financial management practitioners towards achieving its vision of highly competent and accountable financial management practitioners in the country.
“The SEC, primarily through its Financial Management Department, has always adhered to the highest standards of financial reporting, which is crucial in securing the public’s trust as we take part in the development of our country’s financial sector,” SEC Chairman Emilio B. Aquino said.
“This distinction further strengthens the commission’s position as a governing body, employing the gold standard of public accountability and transparency.”
The SEC has been recognized for its transparent use of public funds, having received an unqualified opinion from the COA for four consecutive years from 2018 to 2022.
Auditors render an unqualified or unmodified opinion when they conclude that the financial statements as a whole are free from material misstatements, which could arise from either error or fraud, according to the International Public Sector Accounting Standards.
The SEC has also been recognized by international organizations for its financial reporting practices.
Earlier this year, the SEC was named the recipient of the Global Good Governance (3G) Transparency Award by London-based financial consultancy Cambridge International Finance Advisory. The 3G Transparency Award recognizes organizations with the most rigorous and transparent reporting on financials, government and strategy.
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