IPOPHL maintains “unqualified opinion” from COA for 10th straight year
May 9, 2023
The Intellectual Property Office of the Philippines (IPOPHL) has received an “unqualified or unmodified opinion” from the Commission on Audit (COA) for its financial reporting in 2022, marking 10 straight years that IPOPHL has been achieving the positive auditing finding.
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the IPOPHL, as at December 31, 2022, and its financial performance, cash flows, changes in net assets/equity, comparison of budget and actual amounts for the year then ended…” COA’s Independent Auditor’s Report for IPOPHL read.
COA issues an unmodified opinion (also referred to as unqualified opinion) or a modified opinion over an agency’s financial statements. An unmodified opinion is the coveted mark as it states that financial reports and balance sheets presented by an agency are free from material misstatement in compliance with International Public Sector Accounting Standards, which ensures financial transparency and accountability in government.
“Kudos to the entire IPOPHL for maintaining a culture of clean financial governance while continuously improving its quality service for one straight decade! As a financially self-sustaining government agency, we take pride in this ten-year streak of unmodified opinion — a testament to our unwavering commitment to be an honest and diligent intellectual property (IP) office,” IPOPHL Director General Rowel S. Barba remarked.
IPOPHL has sustained the COA rating through strict compliance with financial rules and regulations led by its Financial Management and Administrative Service (FMAS).
“The strategy is simple, we stick to the reporting framework despite all obstacles,” FMAS Director Frisco L. Guce said.
Last year, IPOPHL was recognized by the Association of Government Accountants of the Philippines (AGAP), Inc. as an Outstanding Accounting Office through the recommendation of COA. Guce attributes these achievements to IPOPHL’s continuous efforts to capacitate its staff in complying with COA and other applicable accounting standards.
Barba also attributes the successful independent auditing of IPOPHL to the hard work of COA auditors Atty. Joven M. Macasinag and Ms. Aurora R. Caramat.
COA’s annual audit is conducted in accordance with the International Standards of Supreme Audit Institutions, a benchmark for auditing public entities. # # # (Hannah Dione Lucero, Media Relations Officer)