The National Electrification Administration (NEA) has again received the highest rating audit from the Commission on Audit (COA), which validates the agency’s efforts towards transparency in financial operations.
The state auditor rendered an unqualified audit opinion on the fairness of presentation of the NEA’s financial statements for the calendar year 2017, according to the latest COA Independent Auditor’s Report (IAR), in effect stating that the state-run agency’s financial records are in conformance with the Philippine Public Sector Accounting Standards.
“We have audited the financial statements of the NEA… In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the NEA,” the IAR said.
The report, signed by OIC Supervising Auditor Glorina Suson on May 22, covered the agency’s financial statements which comprise the financial position as of December 31, 2017, financial performance, statement of changes in equity and cash flows for the year ended.
Since 2007, the NEA – tasked to implement the total electrification of the country – has been given an unqualified opinion by the state auditor.
According to NEA Administrator Edgardo Masongsong, “the COA opinion is enough proof of the agency’s steadfast resolve in adhering to sound resource management rules and compliance to duly-established accounting principles.”
For 2017, the NEA registered a total assets of P23.813 billion, and total liabilities and equity of P23.813 billion. The state-run agency also recorded an income of P675.412 million with a net surplus of P152.648 million for the year. ###