IPOPHL gets CoA’s ‘unmodified opinion’ for 11th consecutive year

For the 11th straight year, the Intellectual Property Office of the Philippines (IPOPHL) maintained an “unqualified or unmodified opinion” from the Commission on Audit (CoA) for its financial statements in 2023.

Based on recently released CoA’s Independent Auditor’s Report for IPOPHL the audit agency said that in its opinion, IPOPHL’s “financial statements and its financial performance, cash flows, changes in net assets/equity, comparison of budget and actual amounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies present fairly, in all material respects, the financial position of the IPOPHL as of 31 December 2023.”

As the country’s major audit report, an unmodified opinion from CoA signifies that an agency’s financial statements are free from material misstatements and comply with International Public Sector Accounting Standards, thus ensuring financial transparency and accountability within government operations.

Global benchmark

CoA’s annual audits are conducted in accordance with the International Standards of Supreme Audit Institutions, a global benchmark for auditing public sector entities.

“This achievement is reflective of the values of FMAS and the entire IPOPHL in upholding a culture of exemplary financial governance and consistently enhancing service quality for over a decade. As a financially independent government agency, we are proud of this eleven-year streak of positive findings — a testament to our steadfast dedication to integrity and diligence as a public office,” said IPOPHL director general Rowel S. Barba.

IPOPHL has consistently earned the CoA rating by rigorously adhering to financial regulations under the leadership of its Financial Management and Administrative Service.