OUT of 17 local government units in the National Capital Region, only Navotas was given the best possible audit outcome a government office or agency can get, according to the Commission on Audit.
“We are honored and proud to receive an unqualified opinion from CoA. This validates the city government’s efforts to be transparent in its financial operations and position,” Mayor John Rey Tiangco said.
CoA renders an unqualified opinion if it believes that the financial statements of a government office or agency are presented fairly “in all material respects” and in conformance with the Philippine Public Sector Accounting Standards.
“We will double our efforts to serve our constituents more effectively and efficiently, and to realize our shared vision of an improved quality of life for all Navoteños,” Tiangco said.
CoA’s unqualified opinion is crucial for LGUs to secure the Department of the Interior and Local Government’s criteria of Good Financial Housekeeping, a component of the Seal of Good Governance.
Based on CoA’s Guidelines on the Preparation, Submission, and Transmittal of the Annual Audit Report, an unqualified opinion is given when the financial statements have been prepared using acceptable accounting bases and policies, which have been consistently applied; the statements comply with statutory requirements and relevant regulations; the view presented by the financial statements is consistent with the auditor’s knowledge of the audited entity; and there is adequate disclosure of all material matters relevant to the financial statements.