“This recognition will serve as an inspiration for us at the Employees’ Compensation Commission (ECC), to continually serve the public with utmost integrity, transparency, efficiency, and effectiveness in our office operations,” said ECC Executive Director Stella Zipagan-Banawis after receiving the annual audit report of the Commission on Audit.
The unmodified opinion is an acknowledgement of the ECC’s commendable efforts in maintaining a true and fair presentation of its financial statements for the years ended December 31, 2017 and 2016.
The audits covered the significant accounts and operations of the ECC. It aims to ascertain the accuracy of financial records and reports in accordance with the provisions of Philippine Public Sector Accounting Standards (PPSAS).
“The ECC has been consistently given COA’s unqualified/unmodified opinion for more than a decade now – a true reflection of our office’s strong and sound financial condition, position, and operations,” Banawis added.
The ECC was also adjudged as one of the Outstanding Accounting Offices by the Association of Government Accountants of the Philippines (AGAP) Inc. for 2015 and 2016 for having a high quality financial reports based on the recommendation of the Commission on Audit.
The Employees’ Compensation Commission is a government corporation attached to the Department of Labor and Employment for policy coordination and guidance. It was created by virtue of Presidential Decree No. 626, as amended and as embodied in Title II of Book IV of the Labor Code of the Philippines. The ECC is mandated to provide meaningful and appropriate compensation to workers and their dependents in the event of work-related contingencies such as sickness, injury, disability or death.