Makati has the highest audit grade in the country
For its fiscal year 2020 financial accounts, the Makati City administration received the highest audit grade from the Commission on Audit (COA).
Makati City received a “unmodified opinion” from the COA on Tuesday for four years of “extraordinary” compliance with auditing standards and procedures, according to Mayor Abigail Binay.
“This new accomplishment is very satisfying and pays tribute to the municipal government’s efforts to keep transactions and expenditure in check at the pandemic’s peak. Even our emergency purchases for the Covid-19 reaction were well planned. In a statement, Binay added, “We also prioritized our financial allocations to address the immediate needs of vulnerable sectors badly impacted by the crisis.”
The good news was delivered to the municipal administration in a letter dated July 16, 2021, signed by COA director Omar Roque.
The letter said, “The Auditor gave an unaltered judgment on the fairness of presentation of the city’s financial accounts.”
Makati’s 2020 financial statements were “in compliance with the International Public Sector Accounting Standards,” according to the attached Independent Auditor’s Report.
Binay praised the COA for evaluating the city’s financial accounts in a “fair and unbiased” manner since June 2016.
In 2017, the city received a similar COA award, and over the last four years, it has regularly exceeded its income goals.
The Business One-Stop Shop (BOSS) on the ground floor of Makati Municipal Hall is one of the reforms and innovations to improve openness and efficiency in the city government’s operations.
BOSS expedites application and payment processing and provides licenses, clearances, and permits.
Binay stated that when the Covid-19 epidemic hit, the municipal administration upgraded its digital services to guarantee that minimal health standards were followed.
According to the COA’s annual financial report for 2019, Makati is the wealthiest local government unit in the country, with assets of P233.78 billion.