SSS gets CoA's highest audit rating for 2020 financial statements

THE Social Security System (SSS) received an "unmodified" opinion — the highest audit rating that may be given to government agencies by state auditors — from the Commission on Audit (CoA) for its financial statements for calendar year 2020.

"We rendered an unmodified opinion on the fairness of presentation of the financial statements of SSS as is and for the years ending Dec. 31, 2020 and 2019 with emphasis on the recognition of Insurance Contract Liability in the SSS' financial statements in compliance with the policy directive of the national government, requiring government insurance institutions to adopt the PFRS (Philippine Financial Reporting Standard) 4 'Insurance Contracts effective CY 2020,'" stated the Auditor's Opinion in the Executive Summary of COA's Annual Audit Report on SSS.