The Intellectual Property Office of the Philippines has gained recognition from the Government Financial Management Innovators Circle (GFMIC), Inc. for its effective use of an electronic system that helped improve the Office’s financial reporting.
Deputy Director General Ann C. Cabochan, Financial Management and Administrative Service Director Frisco L. Guce and key personnel of the Financial Management Division received on August 23, 2023 the “Outstanding eNGAS (Enhanced Electronic New Government Accounting System) User Entity” Award at the GFMIC’s Joint 14th Annual National Convention and 2023 Membership Conference themed “Advocating Green and Sustainable Public Financial Management Reforms.”
The award is part of a new category for this year given to national government agencies, provinces, cities, and municipalities that submitted a complete set of eNGAS-generated consolidated financial reports for fiscal year 2022, free of material errors, on or before the due date prescribed by the Commission on Audit.
The eNGAS aims to simplify government accounting, conform to international accounting standards and generate relevant, periodic and accurate financial reports for better monitoring of performance. It is used in generating financial reports consistent with the International Public Sector Accounting Standards.
“The eNGAS has yielded higher efficiency in our accounting management and has contributed to our achievement of an unmodified opinion from the Commission on Audit for 10 straight years now,” Cabochan said.
An unmodified opinion is a coveted mark indicating that financial statements presented by an agency are free from material misstatement in compliance with International Public Sector Accounting Standards, ensuring financial transparency and accountability in government.
“We hope IPOPHL and the 40 other government offices the GFMIC awarded this year will inspire others to start adopting and maximizing electronic accounting systems like the eNGAs,” she added.