REPUBLIC OF THE PHILIPPINES
COMMISSION ON AUDIT
REGIONAL OFFICE NO. VII
M.J. Cuenco Avenue, Corner V. Sotto Street, Barangay Tinago, 6000 Cebu City
INDEPENDENT AUDITOR’S REPORT
HONORABLE EMMANUEL LAURENCE DANIEL L. IWAY
Municipal Mayor
Municipality of La Libertad
Province of Negros Oriental
Qualified Opinion
We have audited the financial statements of the Municipality of La Libertad, Province of
Negros Oriental, which comprise the statement of financial position as at December 31, 2024,
and the statement of financial performance, statement of changes in net assets/equity, statement
of cash flows and statement of comparison of budget and actual amounts for the year then
ended, and notes to the financial statements, including a summary of significant accounting
policies.
In our opinion, except for the effects of the matter described in the Bases for Qualified Opinion
section of our report, the accompanying financial statements present fairly, in all material
respects, the financial position of the Municipality of La Libertad as at December 31, 2024,
and its financial performance, its cash flows, and its comparison of budget and actual amounts
for the year then ended in accordance with International Public Sector Accounting Standards
(IPSASs).
Bases for Qualified Opinion
As contained in Part II of this Report:
1. The Municipality of La Libertad did not conduct the physical count of Property, Plant, and
Equipment (PPE) as provided under the guidelines and procedures on the one-time
cleansing of PPE, thus affecting the fairness of presentation of the PPE accounts amounting
to ₱401,189,329.31 in the financial statements (FS) at year-end;
