MANILA – The Office of the Vice President (OVP) has once again received the highest possible audit rating from the Commission on Audit (COA), marking the third straight year under Vice President Sara Duterte-Carpio that the agency was lauded for clean, transparent, and accountable financial management.
According to the 2024 Annual Audit Report released by COA, the OVP earned an unmodified opinion — the top audit rating given by the constitutional commission — signifying that its financial statements “present fairly, in all material respects,” the agency’s financial position as of December 31, 2024.
The audit, conducted in accordance with the International Standards of Supreme Audit Institutions (ISSAIs), covered the OVP’s financial performance, cash flows, changes in net assets or equity, and a comparison of budgeted versus actual expenditures.
In a statement sent to Panay News, the OVP said the latest COA rating reflects its “continued commitment to financial transparency and accountability.”
The audit also confirmed that the OVP adhered to International Public Sector Accounting Standards (IPSASs) — a globally recognized framework for financial reporting in the public sector.
COA commended the OVP’s spending efficiency, citing an 85.55% budget utilization rate under the 2024 General Appropriations Act (GAA), which it said demonstrates the agency’s capacity to deploy public funds effectively for its programs and initiatives.
COA emphasized that its audit procedures were also consistent with the Revised Code of Conduct and Ethical Standards for COA Officials and Employees. The audit team affirmed that it had obtained “sufficient and appropriate” evidence to support its findings.
The report also outlined the responsibilities of the OVP management, including the fair preparation of financial statements in compliance with IPSASs and the implementation of internal controls to prevent fraud or errors.
Auditors, for their part, maintained professional skepticism and sound judgment throughout the process to ensure reasonable assurance that the OVP’s statements were free from material misstatements.
The unmodified opinion was officially signed by Supervising Auditor Melinda S. Torio on May 16, 2025./PN
