Makati City Mayor Abby Binay on Thursday, July 4, underscored the city's technological advancements in its transaction processes, resulting in the city receiving another unmodified opinion from the Commission on Audit (COA) for the seventh straight year.
Mayor Abby Binay
Binay made the statement following COA's decision to award the city the distinction for calendar year 2023.
“We did it again! The COA opinion validates our unwavering commitment to good governance and its hallmarks, particularly transparency and accountability,” Binay said, thanking the agency for its impartial evaluation of the city’s compliance with financial reporting and auditing standards for the past seven years, a rare feat for a local government unit (LGU).
“This latest achievement is largely a result of the collective effort of all sectors comprising the city government organization. I would like to thank everyone for giving their full cooperation to the Finance sector to ensure that everything, including program implementation and service delivery, is above board,” she added.
An unmodified or unqualified opinion is given to LGUs when the "auditor concludes that the financial statements are prepared in all material respects, in accordance with the applicable financial reporting framework."
The latest audit result was relayed by COA National Capital Region Director IV Atty. Maria Carmina Paulita Juguilon-Pagayawan.
Binay explained that the city's innovations and technological advancements made the operations and transactions of the city government more efficient, convenient, and transparent.
“We have effectively utilized online payment platforms for transactions with various clients. These include payments for taxes and fees, distribution of cash incentives and assistance, and payment of salaries and bonuses of city hall personnel, among others,” Binay noted.
This year, Makati City is set to launch an Accounting Information System (AIS) that will enhance the efficiency and effectiveness of Accounting operations, and promote greater transparency in financial transactions.
The mayor explained that the AIS can generate real-time financial reports that are crucial to the administration’s decision-making, particularly on economic matters and prioritization of funds. It will also speed up the processing of claims and recording of transactions in the city’s Book of Accounts, among others.
Another milestone achieved by Makati due to its exemplary performance in finance and accountancy is its accreditation by the Professional Regulation Commission (PRC) as a Continuing Professional Development (CPD) provider for the Accountancy Profession, making it the first LGU in the country to do so.
The accreditation aims to ensure that personnel with related accounting, auditing, taxation, and budgeting works are updated with the trends and changes in related policies and regulations.
The local chief said the CPD accreditation has also helped the city in attracting and retaining Certified Public Accountants in the city government.
“Continuing professional development is a big factor in making them feel important and valued by the city government,” she said.
Recently, Makati City received its second Excellence Award from the Philippine Association of Local Government Accountants (PhALGA). Its Accounting Department had been recognized by the Association of Government Accountants of the Philippines (AGAP) for six years now.