The Angelite received a “qualified opinion” audit rating in its financial report for the first semester of academic year 2023-2024 from the Junior Philippine Institute of Accountants and Auditors–United (JPIAA-U).
The said rating represents the second highest audit rating that a student institution can receive in terms of its representation of its financial transactions within a semester.
JPIAA-U, the independent audit partner of the Office of Student Affairs (OSA), cited in its provision of a “qualified opinion” rating the fair representation and accounting of the cash funds of The Angelite.
“The financial statement gives a fair view of the organization’s financial standing based on the general policies and specified rules for proper accounting of organization’s cash funds set forth by the Office of Student Affairs,” said JPIAA-U in its independent auditor’s report.
Yet, the auditing body reported that there were some inadequacies in the provision of supporting documents to the financial statement.
“We have not obtained all the information and explanations we consider necessary for the purpose of our audit,” JPIAA-U mentioned.
JPIAA-U also found in its audit a net understatement of ₱920 in the remaining cash fund of the publication.
Nevertheless, The Angelite, during the first semester, was able to transparently and productively disburse about ₱642,000 for its regular and special releases, capital expenditures, outreach programs, flagship podcast and vertical video episodes, as well as several publication-organized events, forwarding around ₱402,000 as its working fund for the second semester.
Written by Godwin Pring
Layout by Yuan Simbulan