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Manila Bulletin devider Philippines devider Metro Manila devider Makati City recognized for excellent auditing, financial stewardship

Makati City recognized for excellent auditing, financial stewardship

Published May 16, 2024 05:49 am

The Makati City local government was awarded by the Philippine Association of Local Government Accountants (PhALGA) for its Unmodified/Unqualified Audit Opinion from the Commission on Audit (COA) given in July 2022.

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According to Makati City Mayor Abby Binay, the city was bestowed the PhALGA Excellence Award for Local Government Units with an Unmodified/Unqualified Audit Opinion based on the 2022 COA Annual Audit Report during its 19th PhALGA Annual National Conference in Baguio City.

Makati Accounting Head William Dayrit received the award on behalf of Binay and the city.

Binay said receiving the award for the second time demonstrates Makati City's exemplary financial stewardship and unwavering commitment to transparency and fiscal accountability.

The city government said 2022 is the fifth straight year Makati received the recognition due to its fairness in presenting the city's financial statements in 2021.

"I am very pleased with the results of the recent audit report. Makati earned its first unmodified opinion in 2017, a year after I took the mayoral post. This achievement is a rare feat and a strong validation of our efforts in ensuring honest and transparent governance," Binay said.

An unmodified or unqualified opinion is given to local government units (LGU) when the "auditor concludes that the financial statements are prepared in all material respects, in accordance with the applicable financial reporting framework."

"This fifth unmodified opinion proves that even with pandemic constraints, we have remained on track in following financial reporting and auditing standards," the mayor said.

"I hope that the unqualified opinion will instill trust and confidence in our financial system, especially since our city is the financial capital of the Philippines and that most multinational companies and investors are located here," she added.

Binay said the city has been instituting reforms to promote transparency, accountability, and efficiency in operations at the City Hall since 2017, which include the business one-stop shop (BOSS) that allows fast processing and issuance of licenses, clearances, and permits. This prevents corruption in the city government and the proliferation of fixers.

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