The Intellectual Property Office of the Philippines (IPOPHL) received from the Commission on Audit (COA) an “unqualified/unmodified opinion” for its financial records last year, its 8th year for best auditing mark, which can only be achieved if an entity’s financial statements are free from “material misstatements.”
COA’s Independent Auditor’s (IA) Report for IPOPHL covering fiscal year 2020 said the office’s financial statements “present fairly, in all material respects” that its financial position, financial performance, cash flows, changes in net assets/equity, comparison between budget and actual amounts for the year, and notes to financial statements are in accordance with International Public Sector Accounting Standards.
“Our continued receipt of COA’s unqualified opinion is testament to IPOPHL’s integrity and commitment to uphold transparency and accountability in all our financial activities, even in exceptional times as a pandemic,” IPOPHL Director General Rowel S. Barba said, noting the 2020 IA findings mark IPOPHL’s eighth year of obtaining the “unqualified/unmodified opinion” rating.
“As COVID-19 put on hold several activities projects both in the public and private sectors, IPOPHL took this as an opportunity to maximize the digital space where we were able to reach a wider audience at a minimal cost, thereby, preventing the pandemic from derailing our momentum in furthering our mandate,” Barba said.
“Moving forward, we hope to fully utilize our budget especially as we augment efforts in supporting businesses, inventors and creators to recover through the protection of their intellectual property rights,” he added.
COA’s annual audit ensures that government offices adhere to the highest standards of transparency, accountability, and good governance. The audit is conducted in accordance with the International Standards of Supreme Audit Institutions, the global auditing standards for entities in the public sector.