Manila – The Institute for Labor Studies’ (ILS) earned an unqualified opinion from the Commission on Audit (COA) for its Fiscal Year CY 2018 financial report, the latter being a true and fair reflection of the office’s financial condition, position, and operations.
The audit covered the review of accounts and operations of the ILS for the period January 01 to December 31, 2018. The audit was conducted to 1.) ascertain the level of assurance that may be placed on Management ‘s assertion on the financial statements (determine the propriety of transactions as well as the extent of compliance with applicable laws , rules, and regulations), and 2.) determine the extent of implementations of prior year’s audit recommendations.
In a formal communication given to the Institute, the COA Audit Team had no findings for issuance of Notices of Suspension and Disallowance in CY 2018 and there were no prior years’ unsettled audit suspensions or disallowances/charges.
COA also noted that the Institute has fully implemented all or 100 of the 8 prior year’s audit recommendations embodied in the CYs 2017 and 2016 Annual Audit Reports.
The Institute for Labor Studies (ILS) is the policy research and advocacy arm of the Department of Labor and Employment. For more information on this story, please contact the Advocacy and Publications Division at 527-3590.