The Commission on Audit (COA) has declared the National Electrification Administration (NEA) as compliant with government transparency standards in its operations and financial management.
According to the latest COA Independent Auditor’s Report (IAR), NEA received an unmodifed opinion on the fairness of presentation of its financial statements as of December 31, 2018.
This means that NEA’s financial performance and its cash flows for 2018 adhere to generally accepted auditing principles. An “unmodified opinion” is considered the highest audit rating COA gives to government agencies.
“Taxpayers’ money is spent for its intended purposes.”
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the NEA as of December 31, 2018, and its financial performance and its cash flows for the year then ended in accordance with Philippine Public Sector Accounting Standards,” the IAR stated.
The IAR covered the NEA’s financial statements for 2018, which comprise the financial position, financial performance, statement of changes in net assets/equity, cash flows, and comparison of budget and actual amounts for the year then ended.
The report was signed by Supervising Auditor Glorina Suson.
“Receiving another unmodified opinion from COA validates the NEA’s commitment to ensure transparency and accountability in all our transactions and dealings, and that the taxpayers’ money is spent for its intended purposes,” NEA Administrator Edgardo Masongsong said.
For 2018, the NEA registered a total assets of P20.489 billion, and total liabilities and equity of P20.489 billion. The agency has received unmodified/unqualified audit opinion from state auditors for 12 consecutive years.