The Board of Investments (BOI) achieved outstanding performance in the financial management rating last year, based on the evaluation conducted by the Commission on Audit (COA) during the COA Entrance Conference on Oct. 18, 2023.
It was recognized for achieving an “excellent” rating among government agencies under the Department of Trade and Industry (DTI).
“The excellent rating from COA is a testament to our unwavering commitment to financial accountability and transparency. We take this achievement as both an honor and a challenge to continually improve and ensure the efficient use of public funds,” said Trade Undersecretary and BOI managing head Ceferino Rodolfo.
The BOI met 13 of 14 criteria set by COA for financial management performance rating.
The audit process, meticulously conducted in strict adherence to the rigorous International Standards of Supreme Audit Institutions (ISSAI), facilitated a comprehensive evaluation of BOI’s financial management performance.
The examination identified areas for potential enhancement in the implementation of audit recommendations. The audit concluded with an unmodified opinion affirming the fairness of the agency’s financial statements.
This is the fourth consecutive year the BOI has received the highest opinion attainable from auditors, showcasing BOI’s firm dedication to financial integrity and accountability.
Its financial management performance earned a score of 94.34, officially classified as excellent, placing BOI among the top-performing government agencies and solidifying its position as a benchmark for financial management excellence within the government sector.
The BOI said it remained steadfast in its mission to promote economic growth and investments while maintaining its continuous pursuit of excellence in financial management.