The City Government of Valenzuela has once again affirmed its commitment to transparency and accountability by receiving an unmodified opinion – clean report on the fairness of presentation of financial statements in last year’s Annual Audit Report by the Commission on Audit (COA).
The audit rating is the highest and best classification for a local government unit. It also means that Valenzuela City continues to make sure that its financial records are “presented fairly in all material aspects” and its public resources are used prudently and honestly, as supported by the City’s financial position, financial performance, net assets and equity, cash flows, and budget as of December 31, 2020.
In its Independent Auditor’s Report, COA further believes that “the audit evidence it has obtained is sufficient and appropriate” for the basis of providing an “unmodified opinion” to the City Government of Valenzuela.
The report also notes audit observations together with recommended courses of action that were already discussed with the concerned management officials and staff of the City Government.
The local government is also now undertaking needed actions based on the recommendations contained in the audit.
“Valenzuela City being rendered with the highest classification and best classification for a local government unit means that we in the local government maintains its honest and fair financial management in public service,” Valenzuela City Mayor REX Gatchalian said.
“Despite a challenging 2020 due to the pandemic, this rating manifests that Valenzuelanos can continue to expect and trust the City Government’s compliance to the highest standards of accountability, good governance, and transparency,” the City Mayor adds.
