SEC cited for outstanding accounting office

The Securities and Exchange Commission (SEC) has been recognized for having one of the outstanding accounting offices in the public sector in 2021, as it remained committed to the sound and transparent use of public funds.

The award, conferred by Association of Government Accountants of the Philippines, Inc. (AGAP), is given to organizations nominated by the Commission on Audit (COA) for exemplifying quality, timeliness, and accuracy in their financial reports.

Established in 1953, AGAP aims to gather reputable and dynamic government financial management practitioners towards achieving its vision of highly competent and accountable financial management practitioners in the country.

“The SEC, primarily through its Financial Management Department, has always adhered to the highest standards of financial reporting, which is crucial in securing the public’s trust as we take part in the development of our country’s financial sector,” Chairperson Emilio B. Aquino said.

“This distinction further strengthens the Commission’s position as a governing body, employing the gold standard of public accountability and transparency,” Mr. Aquino added.

The SEC has consistently been recognized for its transparent use of public funds, having received an “unqualified opinion” from the COA for four consecutive years from 2018 to 2022.

Auditors render an unqualified or unmodified opinion when they conclude that the financial statements as a whole are free from material misstatements, which could arise from either error or fraud, according to the International Public Sector Accounting Standards.

The SEC has likewise been recognized by international organizations for its financial reporting practices.

Earlier this year, the Commission was named the recipient of the Global Good

Governance (3G) Transparency Award by London-based financial consultancy Cambridge International Finance Advisory.

The 3G Transparency Award recognizes organizations with the most rigorous and transparent reporting on financials, government, and strategy.