CLARK FREEPORT — The Commission on Audit has once again issued an unmodified opinion to the Clark International Airport Corporation, marking the agency’s eighth consecutive year of clean audits from 2017 to 2024.
The COA’s 2024 Annual Audit Report released last May 16, 2025 attributed CIAC’s compliance to “exceptional financial performance, characterized by its ability to generate revenues that exceeded the revenue targets set by the Governance Commission for Government-Owned or Controlled Corporations (GCG) based on its Performance Scorecard for calendar year (CY) 2024. Notably, CIAC’s contributions through dividend remittances play a pivotal role in providing the government with the essential funds needed to achieve its socio-economic objectives.”
CIAC president Jojit Alcazar welcomed the recognition from the COA, describing it as “a testament to the fair and transparent presentation of CIAC’s financial position, and a significant outcome of the corporation’s financial management expertise and unwavering commitment to transparency and good governance.”
The recent audit includes the independent auditor’s report, CIAC’s audited financial statements as of December 31, 2024 and 2023, updates on prior audit recommendations, and a summary of key accounting policies.
“In our opinion, the financial statements fairly present, in all material respects, CIAC’s financial position as of December 31, 2024 and 2023, in accordance with Philippine Financial Reporting Standards (PFRSs),” the report stated.
The audit report noted that COA conducted its review in line with the International Standards of Supreme Audit Institutions (ISSAIs), providing a sound basis for the audit results. As a result, COA issued an unmodified opinion on the fair presentation of CIAC’s year-end financial statements.
The report also highlighted CIAC’s consistent compliance with Republic Act No. 7656, or the Dividend Law, by regularly declaring and remitting the mandated cash dividends to the National Government through the Bureau of the Treasury.
According to the Commission on Audit, an “unmodified opinion … is issued when the auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework such as the International Public Sector Accounting Standards (IPSAS) and Philippine Financial Reporting Standards. For this purpose, the auditor’s evaluation includes due consideration on quantitative and qualitative materiality established based on the prescribed COA’s audit guidelines.” CIAC-PAD
