News Release
Department of Labor and Employment
November 8, 2020

NCMB gets highest audit rating

The National Conciliation and Mediation Board (NCMB) received an unqualified audit opinion from the Commission on Audit based on the fairness of the presentation of the Board’s financial statements for fiscal year 2019, a first in 31 years.

COA’s unqualified opinion is the highest commendation that the Commission may give to a government agency.

The audit was conducted in accordance with the International Standards of Supreme Audit Institutions (ISSAIs) to ascertain the level of assurance that may be placed on management’s assertions on the financial statements.

The Board was audited by the Commission to determine the propriety of transactions as well as the extent of compliance with applicable laws, rules, and regulations and to determine the extent of the implementation of prior years’ audit recommendation.

According to COA, the audit provided a reasonable basis for rendering an unqualified opinion after NCMB has fairly and appropriately presented all pertinent documents, without any identified exceptions.

NCMB Executive Director Teresita L. Cancio lauded officials and staff of the agency, citing in particular administrative and financial teams of the Board’s Central Office and its Regional Branches.

“The Board’s unqualified rating would never be attained without the commitment and dedication of our staff in the Internal Services Department specifically those in the Financial and Management Division of the Central Office and in the Administrative and Financial Units of the Regional Branches,“ Cancio said.

Cancio reiterated the board’s commitment to continuously improve its processes to ensure transparency in its financial statements and compliant with generally existing accounting rules and principles. ###/ Gillian Pearl L. Guerrero

 

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