NEA is COA Audit Compliant for 5th Straight Year

The state-run agency, mandated to implement the total electrification of the country, was rendered an unqualified audit opinion for Calendar Year 2011 by the Commission on Audit. Since 2007, NEA has been given an unqualified opinion by the State Auditor after reviewing its financial statements which comprise the balance sheet as of December 2011 and income statement, statement of changes in equity and cash flow statement for the year ended.

The COA Report also states that this is the 8th consecutive year that NEA remains to be in the black. Since its financial turnaround in 2004, NEA has consistently posted a positive financial position. For 2011, an income of P155.72 million was registered by the agency. This is higher than the P130.9 million net income recorded in 2010.

Administrator Edita S. Bueno said, “NEA continually strives to live up to its avowed corporate values of absolute honesty, maximum efficiency and total solidarity to be a stable asset to the government. The COA opinion confirms that NEA’s best practices are aligned to good public governance. Together with our partner-electric cooperatives nationwide, NEA constantly finds ways to step up its level of public service.”

The continuous effort in the reconciliation and adjustment of inventory and other related accounts and addressing properly the COA comments, observations and recommendations particularly on the implementation of the rural electrification projects such as the unexpended subsidy fund balances, deviations/deficiency in the implementation of subsidy-funded projects and in the maintenance and utilization of subsidy funds are among the factors which attributed to NEA’s audit opinion.

As the first government-owned and controlled corporation to adopt the COA-developed Electronic New Government Accounting System (e-NGAS) in March 2005, NEA’s processing of financial transactions has been speedier, simpler and more transparent.