National Conciliation and Mediation Board (NCMB) has achieved its fifth consecutive unmodified opinion from the Commission on Audit (COA). The Board’s 2023 Financial Audit Report was rendered worthy of COA’s best type of audit opinion as it was prepared in accordance with the applicable financial reporting framework.

“The NCMB is incredibly honored to reach this milestone. Five consecutive unqualified opinions demonstrate our unwavering dedication to excellence and integrity in managing our resources,” said Executive Director Maria Teresita Lacsamana-Cancio.

Unmodified Opinion (also referred to as ‘Unqualified Opinion’) is issued when the auditor concludes that financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. COA’s annual audit report was conducted in accordance with the International Standards of Supreme Audit Institutions (ISSAIs) to ascertain the level of assurance that may be placed on
the management’s assertions on the financial statements, determine the propriety of transactions as well as the extent of compliance with applicable laws, rules, and  regulations, and determine the extent of the implementation of prior years’ audit recommendations.

This clean audit streak proves the Board’s consistent commitment to responsible financial management, transparency, and accuracy in maintaining financial records and adhering to all relevant accounting and auditing regulations. Beyond the numbers, this accomplishment highlights a deeper dedication and commitment within the NCMB.

With this achievement, NCMB Executive Director Lacsamana-Cancio acknowledged the Board’s officials and employees, specifically its Financial Management Teams in the Central Office and Regional Branches for their diligence and strict adherence to existing accounting and auditing rules and regulations. “This achievement is a testament to the hard work and dedication of our entire team by implementing strong financial controls and ensuring transparency in all our operations. We will continue to work diligently to ensure the responsible stewardship of public funds entrusted to us.” ED Cancio said.

Looking ahead, the Board remains committed to upholding the highest standards of financial accountability.

END/ Millyscent Taggueg