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Manila – The Institute for Labor Studies (ILS) received an unqualified opinion on the fairness of the presentation of its 2019 financial statements from the Commission on Audit (COA).

Based on records from the Institute’s Finance and Administrative Division (FAD) headed by Mr. Camilo Franco S. Cabusas, specifically from copies of the previous Annual Audit Reports (AAR), this is already the 11th year in a row that the Institute has received an unqualified opinion from the auditing body.

The audit, conducted in accordance with the International Standards of Supreme Audit Institutions (ISSAIs), covered the review of accounts and operations of the ILS ending in December 31, 2019. The audit was conducted to 1) ascertain the level of assurance that may be placed on Management’s assertions on the financial statements; 2) determine the propriety of transactions as well as the extent of compliance with applicable laws, rules, and regulations; and 3) determine the extent of implementations of prior year’s audit recommendations.

The report, as signed by Director Elinore C. Lavilla, also stated that the Institute has fully implemented all or 100% of the three prior year’s audit recommendations embodied in the CY 2018 AAR.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the ILS as of December 31, 2019, and its financial performance, changes in net assets/equity, cashflows, comparison of budget and actual amounts, and notes to financial statements for the year then ended in accordance with the Philippine Public Sector Accounting Standards (PPSASs).”