For the third time, the Municipality of Liloan, Cebu got a highest audit rating from the Commission on Audit (COA) which granted an “unqualified opinion” per its examination of the Local Government Unit’s 2020 financial statements.
COA has given Liloan its highest audit rating for two straight years since 2019, after it first granted the much coveted rating in 2017.
An unqualified or unmodified opinion is issued by an auditor upon a conclusion that financial statements, as a whole, are free from material misstatements, which could arise from either fraud or error.
In a letter addressed to Liloan Mayor Christina Frasco signed by COA State Auditor Maria Daisy O. Bercede dated May 31, COA “expressed an unqualified opinion on the fairness of the presentation of the financial statements of the Municipality of Liloan, Cebu.”
“In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Municipality of Liloan as at December 31, 2020, and its financial performance, its cash flows, and its comparison of budget and actual amounts for the year then ended in accordance with Philippine Public Sector Accounting Standards (PPSASs),” state auditors noted in their report.
The lady mayor, who is also the president of the League of Municipalities of the Philippines-Cebu Province, said that it has been an incredibly tough year for everyone and she is thankful to the people of Liloan for their continued support as she proudly shares this achievement with her team of hardworking municipal officials and employees.
“In this time of crisis, our good governance efforts will continue to ensure our recovery as we rebuild towards the new normal,” Frasco posted on Facebook.
Frasco added that despite of the COVID-19 pandemic when the need for good governance is more critical than ever to the country’s economic recovery, the municipality “has shown that a local government unit’s Covid-19 response and governance functions can be innovative and effective while still meeting the stringent standards of transparency and accountability in the handling of public funds”.
“Receiving COA’s highest audit rating for the second year in a row amidst the pandemic, and for the third time since 2017, reflects our Local Government’s consistency and dedication to serving the people of Liloan with integrity and accountability, delivering meaningful programs and projects that meet COA’s most stringent standards, free from graft and corruption,” Frasco said.
Just recently, Liloan was also awarded the Most Resilient Municipality in the Philippines by the Department of Trade and Industry for the second year in a row, adding to the roster of national and local good governance awards received under Frasco’s administration. — Mitchelle Palaubsanon #TheFreeman