SEC gets good housekeeping seal for 5th straight year

Securities and Exchange Commission (SEC) chair Emilio Aquino lauded the organization as a model for good governance after receiving the seal of good financial housing keeping from Commission on Audit (COA) for five consecutive years.

It cited the state auditor’s May 31 report rendering an “unmodified opinion” on the fairness of the presentation of the commission’s 2022 financial statements.

“An unmodified opinion is given when auditors conclude that the financial statements as a whole are free from material misstatements, which could arise from either error or fraud,” the SEC said.

The SEC also received an unqualified opinion on the fairness of presentation of its financial statements for 2018, 2019, 2020 and 2021.

“As the overseer of the corporate sector, it is of paramount importance that the SEC serve as a role model in financial accountability and transparency,” Aquino said in a statement.

“This five-year streak of unmodified opinions from COA show the commission’s unrelenting commitment to high standards of reporting and the prudent and judicious use of resources, as part of our efforts to champion good governance,” he added.

Meanwhile, upon the nomination of COA, the SEC was named an “outstanding accounting office” by the Association of Government Accountants of the Philippines last year.

Aquino was likewise given the accountancy centenary award of excellence during the accountancy profession’s 100-year anniversary this year.

The SEC said it received the 3G awards for good governance and transparency by London-based Cambridge International Finance Advisory from 2021 through 2023.

It also received the 3G awards for transparency in 2022, as well as the 3G awards for environment, sustainability and governance in 2023.

—Miguel R. Camus INQ