FSI Receives Unmodified Opinion from COA Anew

MANILA 08 May 2025 — The Foreign Service Institute (FSI) has once again received an ‘unmodified opinion’ from the Commission on Audit (COA) for its financial reporting FY 2024. This proves that the Institute’s financial statements reported are accurately prepared without significant misstatement. The Institute has consistently obtained an unmodified opinion from COA in 2020, 2021 and 2023.

The COA, in its letter to FSI dated 30 April 2025 through its Independent Auditor’s Report stated: “In our opinion, the accompanying statements present fairly, in all material respects, the financial position of the FSI as at December 31, 2024, and its financial performance, statement of cash flows, changes in net assets/equity, comparison of budget and actual amount for the year then ended…”. COA further stated that the audit evidence obtained is sufficient and appropriate to provide a basis for unmodified opinion. 

FSI has been recognized for these accomplishments through its diligent compliance to COA's financial rules and regulations on the reporting structure. This can be ascribed to its personnel’s collective effort to regularly monitor relevant documents necessary for the completeness of reports. Likewise, the Institute’s initiatives to provide necessary learnings to upskill its personnel with appropriate training and seminars has contributed to the attainment of this goal. 

COA’s annual audit is conducted to ascertain the level of assurances that may be placed on the Management’s assertion on the financial statements. This audit is being conducted in accordance with the International Standards of Supreme Audit Institutions (ISSAIs), the authoritative international standards on public sector auditing.

The Foreign Service Institute was established under Presidential Decree No. 1060 and is a research and training agency attached to the Department of Foreign Affairs. Its remit was expanded by Republic Act No. 7157.  The FSI Board is chaired by the Secretary of Foreign Affairs, with the Chairperson of the Civil Service Commission (CSC), Director General of FSI, President of the University of the Philippines (UP), and President of the Development Academy of the Philippines (DAP) as members. END