The Intellectual Property Office of the Philippines (IPOPHL) received the highest mark from the Commission on Audit (COA) for its transparent and error-free financial records in 2019.
COA’s Independent Auditor’s (IA) Report for IPOPHL covering fiscal year 2019 said its financial statements “present fairly, in all material respects.”
“IPOPHL’s continued receipt of COA’s best mark proves our integrity and commitment to uphold transparency and accountability in all our financial activities,” IPOPHL Director General Rowel S. Barba.
“It also demonstrates our strategic approach in optimizing public resources while maintaining a healthy financial position,” he added.
COA said that IPOPHL’s financial position, financial performance, cash flows, changes in net assets or equity, comparison between budget and actual amounts for the year, and notes to financial statements were in accordance to national accounting standards.
The 2019 IA findings mark IPOPHL’s seventh consecutive year of obtaining an “unqualified/unmodified opinion” rating, the best auditing mark that can only be achieved if an entity’s financial statements as a whole are free from “material misstatements” whether due to fraud or error.
COA’s annual audit ensures that government offices adhere to the highest standards of transparency, accountability, and good governance. The audit is conducted in accordance with the International Standards of Supreme Audit Institutions, the global auditing standards for entities in the public sector.IPOPHL is an agency under the Department of Trade and Industry that is in charge of registering patents for local inventions and innovations. SOVEREIGNPH