The Climate Change Commission (CCC) has earned its eighth positive remark from the Commission on Audit (COA) on its financial statements for 2022. In a statement issued Wednesday, CCC vice chairperson and executive director Robert Borje welcomed the COA’s annual audit report which gives the climate agency an ‘unmodified opinion’ on the fairness of presentation of its financial statements for Fiscal Year 2022. Borje said the CCC receiving an ‘unmodified opinion’ for the eighth consecutive year reflects its commitment to financial transparency and accountability in addressing climate change. “The consistent receipt of an unmodified opinion from COA is a recognition of how the Commission has been able to efficiently manage its financial resources and ensure transparency and accountability in our operations,” he said. The COA conducts audits in accordance with the International Standards of Supreme Audit Institutions (ISSA) to ensure the quality and strengthen the credibility of its audit reports. By adhering to COA’s standards, the CCC has effectively allocated resources in its strategies and initiatives aimed at addressing climate change over the past eight years. ‘We continue to be guided by COA rules and the vision of President Ferdinand R. Marcos Jr. for good governance. The CCC is committed to continue doing everything to improve on fiscal management and administration in order to advance climate policies and projects,’ Borje said. The CCC said the latest COA audit report signifies the fair presentation of its financial position, financial performance, cash flows, changes in net assets or equity, comparison of budget and actual amounts, and notes to the financial statements, including a summary of significant accounting policies. It added that its latest accomplishment is also an indication of its effective allocation of resources in its strategies and initiatives aimed at addressing climate change over the past eight years. ‘True to its mandate, the CCC will steadfastly develop and implement robust climate strategies, policies, and actions towards a low-carbon and climate-resilient Philippines,’ the CCC said. COA auditors’ opinion on a government agency’s financial statements may be unmodified or modified. An unmodified opinion, also known as an unqualified opinion, is issued when the state auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. 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.
Source: Philippines News Agency