Iloilo City: Outgoing Mayor Jerry Tre±as expressed his gratitude on Monday as he presided over what he called 'probably his last flag-raising ceremony,' celebrating the city government's first-ever unmodified opinion from the Commission on Audit (COA) for its 2024 financial statements. 'That's the first time the city received that. It's a good parting gift for me. I come out clean; there is no disallowance, no suspension, and ready for either my temporary or permanent retirement,' Tre±as said in an interview.
According to Philippines News Agency, an unmodified opinion, also referred to as an unqualified opinion, is issued when the auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. Tre±as emphasized that while the city has had clean audits during his term, this is the first time in Iloilo City's history that it received an unmodified opinion.
'Let us all be proud of this achievement,' he said in his message during the flag ceremony, adding that not all local government units in Iloilo province, in Panay, and the whole country receive an unmodified opinion. Tre±as credited the City Accountant, General Services Office, and Property Management Office for their coordination and diligence.
The audit covered the Statement of Financial Position as of Dec. 31, 2024, and the Statements of Financial Performance, Cash Flows, Changes in Net Assets/Equity, and Comparison of Budget and Actual Amounts, along with the accompanying Notes to the Financial Statements, said the city government statement. COA emphasized, among others, that the objective of the audit was to obtain reasonable assurance that the statements were free from material misstatements, whether due to fraud or error.
The Independent Auditor's Report was signed by State Auditor IV Janet Dedegiro, OIC-Supervising Auditor, who affirmed that the audit was conducted in accordance with International Public Sector Accounting Standards. Tre±as has been in public service for 33 years, a city councilor for nine years, mayor for 15 years, and representative of the lone district of Iloilo to the House of Representatives for nine years.
