By Victoria “NIKE” De Dios
Transparency is always expected in any government agencies as this is incumbent upon their oath of office which is why we always hear the cliché that public service is always a public trust.
This is what the Intellectual Property Office of the Philippines (IPOPHL) takes pride in as it received the highest mark from the Commission on Audit (COA) for its transparent and error-free financial records in 2019, and this is the seventh year for the government agency that administers and implements policies on intellectual property and protection of IP rights in the country.
The report revealed under COA’s Independent Auditor’s (IA) for IPOPHL covering the fiscal year 2019 said that its financial statements “present fairly, in all material respects.”
Furthermore, the COA added that its financial position, financial performance, cash flows, changes in net assets or equity, comparison between budget and actual amounts for the year, and notes to financial statements were in accordance to national accounting standards.
The 2019 Independent Auditor’s findings mark IPOPHL’s seventh consecutive year of obtaining an “unqualified/unmodified opinion” rating, the best auditing mark which can only be achieved if an entity’s financial statements as a whole are free from “material misstatements” whether due to fraud or error.
“IPOPHL’s continued receipt of COA’s best mark proves our integrity and commitment to upholding transparency and accountability in all our financial activities,” IPOPHL Director General Rowel S. Barba.
“It also demonstrates our strategic approach in optimizing public resources while maintaining a healthy financial position,” 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.
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