MANILA, Philippines — The Bureau of Customs (BOC) has received the highest evaluation granted by the Commission on Audit (COA) for its financial statements.
In a statement, BOC said it received an unmodified opinion or unqualified opinion from the state auditor for ensuring an accurate and fraud-free financial statement for the second straight year.
This is considered as the highest evaluation to state agencies from COA and is an indication of strong internal controls, as well as accuracy and integrity of financial statements.
This also shows BOC’s compliance with the international public sector accounting standards.
An unmodified opinion means that the financial statements of an agency are prepared, in all material respects, in accordance with the applicable financial reporting framework.
However, such an opinion does not necessarily mean that there were no misstatements found during the audit and that these could possibly have been corrected already by the agency.
This does not also entail that the audited agency fully complies with all the laws, rules and regulations, or that the uses of funds on the agency’s programs, projects and activities are economical, effective or efficient.
Customs commissioner Bienvenido Rubio said the COA recognition does not only highlight the agency’s consistent performance but also sets a benchmark for other government agencies.
“We are determined to sustain this level of excellence and continue our pursuit of operational and financial improvements,” Rubio said.
“We will remain vigilant in our efforts to uphold the highest standards of financial reporting and accountability, ensuring that public funds and resources are managed with the utmost care and responsibility,” he said.
Based on the Philippine Constitution, COA conducts financial, compliance and performance audits among government agencies.
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