COA lauds Mandaluyong LGU for highest audit mark

Published June 22, 2022, 10:30 AM

by Patrick Garcia

The Mandaluyong City local government on Monday, June 20, was duly recognized by the Commission on Audit (COA) after it recorded the highest audit mark in the year 2021.

In a Facebook post, the city government said that COA gave the city an Unmodified/Unqualified Opinion based on the city’s Annual Audit Report for Calendar Year 2021 which means that the financial statements for the year 2021 the agency obtained from the city government “is sufficient and appropriate to a basis for our unmodified/unqualified opinion.”

An unmodified/unqualified opinion is the highest mark issued by the COA after its auditors conclude that the financial statements submitted by a local government unit (LGU) or agency is in accordance with the International Public Sector Accounting Standards (IPSAS).

This meant that Mandaluyong City’s financial statements pertaining to the strategic programs, services, and policies implemented covered in the independent audit report were free from material misstatements.

“We are grateful to have satisfied the requirements of the auditors,” Mandaluyong City Mayor Menchie Abalos said.

“This assures that the city’s financial statements are well managed so that basic services to constituents are delivered effectively and efficiently despite the second year of the pandemic,” she added.

Included in the audit were the statement of financial position of the city government as of December 31, 2021, the statement of financial performance, statement of changes in net assets/equity, and statement of cash flows for the years then ended, and notes to the financial statements which include a summary of significant accounting policies.

 
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