Liloan town in Cebu gets highest COA audit rating

Posted by on 06/27/20 4:34 AM

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Last modified on: 06/27/20 4:34 AM
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LILOAN, CEBU— Liloan town in northern Cebu has received an “unqualified opinion” from the Commission on Audit (COA) in its calendar year 2019 Annual Audit Report for the municipality, Mayor Christina Frasco announced Friday.

An “unqualified opinion” is the highest audit rating an auditor can give, reflecting the soundness of the financial statements of the Local Government Unit audited.

In a transmittal letter received by Mayor Frasco on June 23, 2020, COA Region VII State Auditor V Maria Daisy O. Bercede said COA “expressed an unqualified opinion on the fairness of the presentation of the financial statements of the Municipality of Liloan, Cebu.”

COA audited the finances of the Municipality of Liloan in accordance with the International Standards of Supreme Audit Institutions (ISSAIs) for public-sector auditing. Under the ISSAIs, an unqualified or unmodified opinion is issued by an auditor upon a conclusion that that financial statements, as a whole, are free from material misstatements, which could arise from either fraud or error.

Mayor Frasco said this development was a ray of hope amid the challenges brought about by the COVID-19 pandemic.

“In these times of great difficulties, our people can rest assured that their local government is staying the course to ensure good governance, transparency, and strict compliance with the law in the disbursement of government funds and in the implementation of programs and projects. Receiving this highest COA audit rating is a testament to our continuing commitment to uplift the lives and the welfare of our people in Liloan, through governance that is inclusive, innovative, accountable, and free of graft and corruption. I proudly share this achievement with our team of hardworking municipal officials and employees of the Municipality of Liloan.”

In 2017, COA also gave Liloan its highest audit rating. In 2019, Liloan was awarded the most resilient Municipality in the Philippines by the Department of Trade and Industry and the Top Model Municipality in the Philippines by the Manila Times, among others.

Article Reference(s)
via Mitchelle Palaubsanon / Photo of Mayor Frasco courtesy of Liloan
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