Iloilo City Gets First-Ever COA Unmodified Opinion

By Rjay Zuriaga Castor

For the first time in its history, the Iloilo City government has received an unmodified opinion from the Commission on Audit.

This milestone was achieved under the administration of Mayor Jerry Treñas.

The unmodified opinion, also known as an unqualified opinion, was issued for the city’s 2024 Annual Audit Report.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the City of Iloilo as at December 31, 2024, and its financial performance, its cash flows and its comparison of budget and actual amounts for the year then ended,” the report stated.

An unmodified opinion is issued when the auditor finds that financial statements comply with the applicable financial reporting framework, such as the International Public Sector Accounting Standards.

However, an unmodified opinion does not imply that no misstatements were found, only that any misstatements were not material.

It also does not guarantee full compliance with laws or assess the efficiency or effectiveness of fund usage.

“This is the highest audit rating granted by COA, which affirms that the city’s financial statements present a fair and transparent account of our fiscal management,” Treñas said in a statement.

He noted that the opinion confirms full compliance with international public sector accounting standards.

While COA considers the unmodified opinion the most favorable audit outcome, it clarified that it should not be described as the “highest audit rating.”

The opinion strictly pertains to the fairness of financial reporting and not operational compliance or efficiency.

Treñas, who has served about 15 years as mayor, said this achievement is a testament to his administration’s integrity, transparency and good governance.

“As I approach the completion of my term on June 30, 2025, this distinction is one of the lasting legacies that I will proudly carry as I step down from office,” he said.

Treñas served three consecutive terms from 2001 to 2010, returned as mayor in 2019, and was reelected in 2022.

He emphasized that the unmodified opinion reflects not only competent fiscal management but also the city government’s accountability and commitment to public trust.