The Department of Agriculture-Bureau of Fisheries and Aquatic Resources received the highest audit rating from the Commission on Audit for its 2022 annual audit report, signifying that the agency’s financial statements are presented in accordance with applicable financial reporting frameworks.
BFAR said it attained an “unqualified opinion”, a significant improvement from COA’s previous audit report in 2021, in which only the BFAR Central Office was given the highest audit rating.
“The unqualified opinion by the COA is a testament to how the bureau upholds excellence and integrity in managing its funds, in the fulfillment of our mandates and in line with the directive of President Ferdinand R. Marcos Jr. of providing effective and efficient services to Filipino fisherfolk to improve their lives and increase our fisheries production,” said BFAR national director Demosthenes Escoto.
He said the state auditors’ rating reflects the agency’s commitment to excellence and integrity in managing its financial assets.
He also commended the bureau’s officials and employees for their hard work and dedication to the effective utilization of the agency’s funds.
“It will inspire us to work tirelessly towards good governance, transparency, and accountability,” he said.
BFAR said it would continue to improve its quality management system and collaborate with stakeholders to address the needs of the fisheries sector.
State auditor Lea Petero led the comprehensive audit of the BFAR’s accounts, transactions and operations for the fiscal year 2022.
COA said the audit presented by the BFAR was “sufficient and appropriate to provide a basis for our opinion.”
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the BFAR as of Dec. 31, 2022, and its financial performance, changes in net assets/equity, cash flows, and the comparison of budget and accordance with International Public Sector Actual Amounts for the year then ended Accounting Standards,” state auditors said.