News and Updates
DOT gets COA’s highest rating on 2019 Audit
The Commission on Audit (COA) Renders an “Unqualified Opinion” over the Department of Tourism’s Financial Statements as of December 31, 2019.
An “Unqualified Opinion” is the highest audit rating that can be rendered by an auditor when the financial statements of the audited entity are found to be presented fairly in all material aspects, after being subjected to scrutiny in accordance with International Standards of Supreme Audit Institutions.
Tourism Secretary Bernadette Romulo-Puyat, whose first directives included a thorough “house cleaning” when she was first appointed tourism secretary in 2018, is elated. “This Unqualified Opinion gives the Department of Tourism (DOT) an over-all clean and positive image in the eyes of its clients and stakeholders. It clearly confirms that there are no material discrepancies or misstatements found in the financial statements of the department, and that we did everything fairly and in accordance with the laws, rules and regulations,” added Puyat.
This is the first time that the DOT received the highest COA rating since 2009. While she attributed the accomplishment to the hardworking men and women of the department, Puyat challenged the DOT employees to keep up the good work.
“For the employees, it means a ‘job well done,’ a seal of excellence and transparency for the DOT. Achieving this milestone in this challenging time is a motivation for us to continue leading the tourism sector in helping rebuild the economy, and helping the sector rise from the torment of COVID 19. Integrity and accountability are cornerstones of transformational public service,” Puyat stressed.
As a government entity, the Unqualified Opinion is an affirmation that the Department is observing the highest degree of accountability and transparency in its financial management. It also reassures our stakeholders and our development partners that the DOT is fully compliant with International Public Sector Accounting Standards, thus, can be relied upon as a good partner in developmental projects as it adheres to sound and internationally-accepted financial management practices.
Published:January 13, 2021