Valenzuela City garners highest 2020 audit rating

MANILA – The Valenzuela City government has affirmed its commitment to transparency and accountability as it again garnered the highest audit rating from the Commission on Audit (COA) for its 2020 financial statements.

“Valenzuela City being rendered with the highest classification and best classification for a local government unit means that we in the local government maintains its honest and fair financial management in public service,” Mayor Rex Gatchalian said in a statement.

Based on the attached Independent Auditor’s Report, Valenzuela has received an “unmodified opinion” from the audit commission, citing the city’s clean report on the “fairness of presentation of financial statements last year.”

The COA said “the audit evidence it has obtained is sufficient and appropriate” for the basis of providing an “unmodified opinion” to the city government of Valenzuela.

Gaining the highest classification on the COA’s ratings, Gatchalian vowed the city government will make sure the city’s financial records will be consistently “presented fairly.

He assures that the public resources are used “prudently and honestly”, as supported by its financial position, financial performance, net assets and equity, cash flows, and budget as of December 31, 2020.

“Despite a challenging 2020 due to the pandemic, this rating manifests that Valenzuelanos can continue to expect and trust the City Government’s compliance to the highest standards of accountability, good governance, and transparency,” Gatchalian said.

The COA also rendered its observations and recommended courses of action and the city government, involving the concerned management officials and staff, is now undertaking the needed actions.