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Manila Bulletin devider Business devider Customs gets COA's 'unmodified opinion'

Customs gets COA's 'unmodified opinion'

Published Aug 7, 2024 06:11 am

The Bureau of Customs (BOC) was granted a positive remark by the Commission on Audit (COA) for its financial statements for 2023.

In a statement issued Wednesday, BOC Commissioner Bienvenido Y. Rubio welcomed the COA’s annual audit report which gives the agency an “unmodified opinion” on the fairness of presentation of its financial statements for Fiscal Year 2023.

Rubio said that the Customs receiving a consecutive “unmodified opinion” reflects its commitment to strengthening its financial systems, enhancing internal controls, and promoting a culture of transparency and accountability.

"The BOC-COA Auditors have consistently been our partners in driving meaningful change. Their guidance and reminders have reinforced our responsibilities as public servants, emphasizing that we are accountable for public funds and resources," Rubio said.

The BOC said it will continue to pursue operational and financial improvements and will remain vigilant in upholding the highest standards of financial reporting and accountability.

COA auditors’ opinion on a government agency’s financial statements may be unmodified or modified.

An unmodified opinion, the highest audit evaluation granted by the COA, signifies that the financial statements are prepared, in all material respects, per International Public Sector Accounting Standards (IPSASs).

On the other hand, a modified opinion is given by the COA auditors, if the financial statements as a whole, based on the audit evidence, are not free from material misstatement.

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unmodified opinion rating Bureau of Customs (BoC) Commission on Audit (COA)
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