Arvee Gaye B. Trinidad-Badua
In a significant move to strengthen the governance and financial accountability of cooperatives in the Philippines, three Certified Public Accountants (CPAs) took their oath as Certified External Auditors (CEA) for cooperatives, accredited by the Cooperative Development Authority (CDA). The ceremony, held on August 30, 2024, was led by Officer-in-Charge (OIC) Regional Director, Dr. Felicidad R. Cenon, PhD.
Two of the CPAs, Ms. Noryn Bagano and Mr. Bernard Ganotice IV, both from Kalinga, attended the event in person, while Ms. Rachel Fagyan from Bontoc, took her oath via Zoom.
External auditors play a crucial role in maintaining the integrity and transparency of cooperatives. They provide independent evaluations of the financial health and operations of cooperatives, ensuring that their financial statements are accurate and compliant with existing laws and regulations. These audits are essential to upholding members’ trust and confidence, as cooperatives depend on transparency to demonstrate their commitment to both financial prudence and social responsibility.
In the Philippine context, where cooperatives serve millions of Filipinos and are vital contributors to local economies, external auditors help protect the cooperative sector from financial mismanagement, fraud, and inefficiencies. Their unbiased assessments enable cooperatives to make informed decisions and ensure long-term sustainability for their members.
The CDA’s accreditation of these CPAs as CEAs underscores the importance of professional oversight in the cooperative sector. The accreditation process ensures that auditors meet high standards of expertise, ethics, and competence required to perform audits for cooperatives. This certification is especially crucial given the unique nature of cooperatives, which are governed not only by business principles but also by the social and economic welfare of their members.
With this accreditation, Ms. Bagano, Ms. Fagyan, and Mr. Ganotice IV are now qualified to conduct audits that ensure compliance with cooperative laws and regulations. Their work will contribute to promoting transparency, accountability, and financial discipline across cooperatives, which in turn enhances the credibility of the sector.
The CDA has been committed to fostering professionalism in the management and auditing of cooperatives across the Philippines. By accrediting qualified CPAs as external auditors, the agency aims to bolster cooperative governance and provide members with reliable financial oversight. This initiative is part of a broader effort to ensure that cooperatives, continue to serve as vital engines of local economic growth and community development.
Dr. Cenon, in her address during the oath-taking ceremony, emphasized the importance of the role that accredited auditors play. As the cooperative sector continues to evolve and expand, the involvement of certified external auditors is becoming increasingly important in safeguarding the interests of both the cooperatives and their members. The accreditation of these CPAs marks a step forward in ensuring that the sector remains well-regulated and financially responsible.
