Philippines' IPO gets highest auditing mark from the Commission of Audit

Philippines' IPO gets highest auditing mark from the Commission of Audit

Having no such "relevant misstatements," the Commission of Audit (COA) has given the Intellectual Property Office of the Philippines (IPOPHL), "unqualified/unmodified opinion", the highest auditing mark that can only be earned if an entity's financial accounts are free of misstatements.

As per the report published by COA's Independent Auditor (IA) for IPOPHL for the year 2020, it says that IPOPHL financial statements "reflect equally, in all relevant respects." Each such structure for the finance in the organization has been made in consonance with the International Public Sector Accounting Standard, be it financial status, financial results, cash flows, adjustments in net assets/equity, analysis of budget, and real sums for the year.

IPOPHL Director General Rowel S. Barba said, "Our continued receipt of COA's unqualified opinion is testament to IPOPHL's honesty and determination to maintain openness and responsibility in all our financial operations, including in extraordinary times like a pandemic. 2020 IA results mark IPOPHL's eighth year of receiving the "unqualified/unmodified opinion" ranking."

"As COVID-19 put on hold many public and private sector activities ventures, IPOPHL saw this as an opportunity to maximize the digital environment, where we were able to meet a larger audience at a lower rate, keeping the pandemic from derailing our momentum in furthering our mandate," Barba added

"Going forward, we plan to make good use of our budget, particularly as we expand our efforts to assist companies, inventors, and developers in recovering through the preservation of their intellectual property rights," he said.

This annual report scrutinizes the government offices and whether they follow openness, integrity, and good governance following the International Standard of Supreme Audit Institutions, global auditing standards for public-sector organizations.