The Securities and Exchange Commission (SEC) has received an unmodified opinion from the Commission on Audit (COA) on the agency’s financial statement for the fifth consecutive year. In an independent auditor’s report dated May 31, state auditor Concepcion C. Reyes rendered an unmodified opinion, also known as an unqualified opinion, on the fairness of the presentation of the agency’s financial report for 2022.
“In our opinion, the accompanying statements present fairly, in all material respects, the financial position of the SEC as at December 31, 2022, and its financial performance, changes in net assets/equity, cash flows and notes to financial statements, in accordance with International Public Sector Accounting Standards [IPSAS],” according to its report.
An unmodified opinion is given when auditors conclude that the financial statements as a whole are free from material misstatements, which could arise from either error or fraud, according to the IPSAS.
The SEC also received an unqualified opinion on the fairness of presentation of its financial statements for 2018, 2019, 2020 and 2021, making this the longest streak of unqualified opinions the agency has received over the past decade.
“As the overseer of the corporate sector, it is of paramount importance that the SEC serve as a role model in financial accountability and transparency,” SEC Chairman Emilio B. Aquino, the first CPA-lawyer to lead the agency, said. “This five-year streak of unmodified opinions from COA show the Commission’s unrelenting commitment to high standards of reporting and the prudent and judicious use of resources, as part of our efforts to champion
good governance.” VG Cabuag
