The City Government of Mandaluyong, on Monday, was praised by the Commission on Audit (COA) after it received an Unmodified/Unqualified Opinion from the based on the city’s Annual Audit Report for Calendar Year 2021.
In a letter sent by COA’s Local Government Audit Sector to Mayor Menchie Abalos dated June 20, 2022, the financial statements for the year 2021 they obtained from the city government “is sufficient and appropriate to a basis for our unmodified/unqualified opinion.”
Included in the audit were the statement of financial position of the city government as of December 31, 2021, the statement of financial performance, statement of changes in net assets/equity, and statement of cash flows for the years then ended, and notes to the financial statements which include a summary of significant accounting policies.
An unmodified/unqualified opinion is the highest mark issued by the COA after its auditors conclude that the financial statements submitted by a local government unit (LGU) or agency is in accordance with the International Public Sector Accounting Standards (IPSAS). This meant that Mandaluyong City’s financial statements pertaining to the strategic programs, services and policies implemented covered in the independent audit report were free from material misstatements.
“We are grateful to have satisfied the requirements of the auditors,” said Mayor Abalos. “This assures that the city’s financial statements are well managed so that basic services to constituents are delivered effectively and efficiently despite the second year of the pandemic.”