The Institute for Labor Studies (ILS) has once again secured an unmodifed opinion’ from the Commission on Audit (COA) for its 2023 Financial Audit Report. This marks the 12th consecutive year that the Institute has received the recognition.
In a communication dated 8 May 2024, Officer-in-Charge Director IV Marivel C. Bronola of the COA's National Government Audit Sector informed the ILS that "the audit provides a reasonable basis for rendering an unmodified opinion on the fairness of the presentation of the financial statements."
The audit was conducted in accordance with the International Standards of Supreme Audit Institutions (ISSAIs) to: (a) ascertain the level of assurance that may be placed on management’s assertions on the financial statements; (b) determine the propriety of transactions as well as the extent of compliance with applicable laws, rules and regulations; and (c) determine the extent of the implementation of prior year’s audit recommendations.
ILS Executive Director III Jeanette T. Damo expressed gratitude for the Institute having received the recognition. “This recognition gives us honor, inspiration, and motivation,” she stated. "It inspires us to continue striving for excellence and assures the public that we utilize public funds and resources efficiently, effectively, transparently, and with the utmost accountability”, Executive Director Damo added.
In 2021, the ILS was recognized for the fourth time by the Association of Government Accountants of the Philippines (AGAP) as one of the country’s “Most Outstanding Accounting Offices” in recognition of its “quality, timeliness and accuracy of ILS financial reports.”
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