For the first time Makati City earns ‘unqualified opinion‘ of CoA

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BINAY

Makati City’s financial report for calendar year 2017 has fully satisfied the requirements of the Commission on Audit (CoA), Mayor Abby Binay yesterday said, adding this is the first time the agency has rendered an “unqualified opinion” in its Annual Audit Report for the City of Makati.
In her letter of transmittal to Binay, CoA Director for Local Government Sector-National Capital Region Adelina Concepcion Ancajas said the commission had “rendered an unqualified opinion on the fairness of presentation of the financial statements of the city.”
Based on a summary published in the official website of CoA dating back to 2007, Makati had received its “qualified opinion” in 2007 and from 2010 up to 2016.
Binay said an unqualified audit opinion is the best opinion an auditor can issue.
“It means our financial report for 2017 has fully satisfied the requirements of the auditor. This is the first time that Makati has earned the highest audit rating from CoA,” she pointed out.
In auditing parlance, an unqualified opinion means that financial statements conform to Generally Accepted Accounting Principles and they fairly represent the entity’s financial accounts.
The mayor attributed the latest achievement of the city to the full support of all city government departments and offices to the reforms and innovations implemented by her administration.
“I would like to acknowledge the efforts of all the departments and offices of the city government to achieve the highest level of compliance with laws governing the appropriation, management and utilization of government funds. This unprecedented achievement for our city proves that we can achieve anything through unity and collaboration,” Binay said.

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