Pa auditors gave 'adverse opinion' for 5 years but pap focuses only on ahpetc?

Yesterday (19 Feb), Minister for National Development Khaw Boon Wan requested Finance Minister Tharman Shanmugaratnam to direct the Auditor-General to conduct an audit of the opposition-run Aljunied-Hougang-Punggol East Town Council’s (AHPETC) financial accounts.

AHPETC’s auditor, Foo Kon Tan Grant Thornton LLP, had earlier submitted a “disclaimer of opinion” on AHPETC’s FY2012-13 financial statements, raising 13 issues of concern over the town council’s accounts.

Earlier, on 14 February 2014, the Ministry of National Development (MND) said that the auditor’s disclaimer of opinion “is more severe than a qualified opinion” [Link].

In yesterday’s statement, the PAP government said that the observations in the auditor’s report “raise serious questions about the reliability and accuracy of AHPETC’s financial and accounting systems”.

“This is the second year that the Auditor has submitted a disclaimer of opinion on AHPETC’s Financial Statements. Moreover the Auditor has raised several more issues of pressing concern this year, compared to last year. AHPETC’s Auditor’s Report and Financial Statements are cause for serious concern.”

As it turns out, auditors have been giving an “adverse opinion” on the financial reports from the People’s Association (PA) for several years now.

PA oversees all the grassroots activities in Singapore. It is a statutory board under the Ministry of Community Development, Youth and Sports (MCCY). The Chairman of PA is none other than PM Lee Hsien Loong himself.

According to ACRA, there are a few types of audit opinions. A “disclaimer of opinion” means the auditor is unable to express an opinion on the financial statements but an “adverse opinion” means qualification of the financial report is not adequate to disclose the misleading or incomplete nature of the financial statements [Link]:

http://www.tremeritus.com/2014/02/20...ncial-reports/

This one too.
http://therealsingapore.com/content/pa-auditors-gave-adverse-opinion-5-years-pap-focuses-only-ahpetc

ps:details of the reports are in the link.

Adverse opinion? Hope to see Cha Siew coming in here to defend his Masters.

As it turns out, auditors have been giving an “adverse opinion” on the financial reports from the People’s Association (PA) for several years now.

PA oversees all the grassroots activities in Singapore. It is a statutory board under the Ministry of Community Development, Youth and Sports (MCCY). The Chairman of PA is none other than PM Lee Hsien Loong himself.

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Paging for Char Siew Pau, woof woof Wmulew... Lai, Lai, Lai ahhh....

kopisai and fishycheebye were trying very hard to push some threads away. I think this is the one they were targeting.

Source: TR EMERITUS

February 20th, 2014

Yesterday (19 Feb), Minister for National Development Khaw Boon Wan requested Finance Minister Tharman Shanmugaratnam to direct the Auditor-General to conduct an audit of the opposition-run Aljunied-Hougang-Punggol East Town Council’s (AHPETC) financial accounts.

AHPETC’s auditor, Foo Kon Tan Grant Thornton LLP, had earlier submitted a “disclaimer of opinion” on AHPETC’s FY2012-13 financial statements, raising 13 issues of concern over the town council’s accounts.

Earlier, on 14 February 2014, the Ministry of National Development (MND) said that the auditor’s disclaimer of opinion “is more severe than a qualified opinion” [Link].

In yesterday’s statement, the PAP government said that the observations in the auditor’s report “raise serious questions about the reliability and accuracy of AHPETC’s financial and accounting systems”.

“This is the second year that the Auditor has submitted a disclaimer of opinion on AHPETC’s Financial Statements. Moreover the Auditor has raised several more issues of pressing concern this year, compared to last year. AHPETC’s Auditor’s Report and Financial Statements are cause for serious concern.”

As it turns out, auditors have been giving an “adverse opinion” on the financial reports from the People’s Association (PA) for several years now.

PA oversees all the grassroots activities in Singapore. It is a statutory board under the Ministry of Community Development, Youth and Sports (MCCY). The Chairman of PA is none other than PM Lee Hsien Loong himself.

According to ACRA, there are a few types of audit opinions. A “disclaimer of opinion” means the auditor is unable to express an opinion on the financial statements but an “adverse opinion” means qualification of the financial report is not adequate to disclose the misleading or incomplete nature of the financial statements [Link]:


TRE has gone through PA’s financial reports on its website and found the following:

FY2007 (07/08) [Link]

For FY2007, PA did not include the financial statements of grassroots organizations (GROs) operating under itself. The auditor could not “assess the financial impact to the financial statements of the Association arising from the non-inclusion of the financial statements of the GROs”. As such, the auditor gave an “adverse opinion” against PA because its financial statements “[did] not present fairly” the state of affairs of the Association:


FY2008 (08/09) [Link]

For FY2008, the same thing happened. The GROs’ financial statements were again omitted by PA. Again, the auditor gave an “adverse opinion” against PA because its financial statements “[did] not present fairly” the state of affairs of the Association:


FY2009 (09/10) [Link]

In FY2009, a new auditor, KPMG LLP, took over the audit of PA. The new auditor said, “We do not have sufficient information to assess the financial impact to the financial statements of the Association arising from the non-inclusion of the financial statements of the GROs.” As such, the new auditor also gave an “adverse opinion”:


Then, the format for the online version of PA’s financial reports for the next 3 years (FY2010 – 2012) changed [a href="http://www.pa.gov.sg/about-us/annual-reports.html">Link].

The public could no longer see the detailed opinions of the auditors. PA only published the “financial highlights” in these 3 reports. In other words, the financial reports became just financial summaries:


TRE then went down to the National Library to attempt to get printed copies of PA’s financial reports but the librarian was not able to find printed copies for the last 3 FYs (FY2010 – 2012). The library only has printed copies up to FY2009. The librarian told TRE to refer to the online versions instead.

Not giving up, TRE did a further extensive online search and managed to find an online version of PA’s FY2010 financial report. This copy was found on the Parliament website:

FY2010 (10/11) [Link]

Comparing this with the online version on PA’s website [Link], they are essentially the same except that the one found on the Parliament website discloses the detailed opinion of the auditor at the end:


Again, the auditor could only give an “adverse opinion” for PA’s FY2010 financial report because the auditor “[did] not have sufficient information to assess the financial impact to the financial statements of the Association arising from the non-inclusion of the financial statements of the GROs.”

The relationship between PA and PAP is very close. Mr Lee Kuan Yew once proudly said that the Chinese have been sending teams of officials to learn from Singapore for years:


The operating expenditure of PA is huge. According to its latest financial report (FY2012), PA’s operating expenditure for the year increased by $46 million to $483 million. Government grants which are taxpayers’ money given to PA amounted to $434 million in FY2012:


Dr Ernest Kan, President of the Institute of Singapore Chartered Accountants (ISCA) and Pasir Ris Punggol grassroots leader, had earlier agreed with MND that the audit findings on AHPETC are “serious” (‘President of ISCA: AHPETC’s audit report ‘serious’‘). It is not known what Dr Kan has to say about PA’s audit findings which have garnered “adverse opinions” from auditors.

It is also not known if the Acting Minister for Culture, Community and Youth (MCCY), Lawrence Wong, will request Finance Minister Tharman Shanmugaratnam to direct the Auditor-General to conduct an audit of PA’s financial accounts, since PA comes under MCCY.

"Dr Ernest Kan, President of the Institute of Singapore Chartered Accountants (ISCA) and Pasir Ris Punggol grassroots leader, had earlier agreed with MND that the audit findings on AHPETC are “serious” (‘President of ISCA: AHPETC’s audit report ‘serious’‘). It is not known what Dr Kan has to say about PA’s audit findings which have garnered “adverse opinions” from auditors.

It is also not known if the Acting Minister for Culture, Community and Youth (MCCY), Lawrence Wong, will request Finance Minister Tharman Shanmugaratnam to direct the Auditor-General to conduct an audit of PA’s financial accounts, since PA comes under MCCY."

What do you think?
I think LKT, the sly fox and SL sprung a trap for the MIWs, using bouncing bullets to hit the hunter.

Let's see what Ernest Cunt have got to say.
For that matter, Victor Lie too.

Ernest Kan won't dare to utter a word against the PAP. His rice bowl is tied to the PAP.

winnipegjets said:

Ernest Kan won't dare to utter a word against the PAP. His rice bowl is tied to the PAP.

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So his silence, with that of $8 Cow, will be deafening.

Why this thread so quiet ah? Unlike this one here.

PA's budget is more than the WPTC but the PAP considers that small change while a cent is like a billion when it involves the WP.

This is how stupid the PAP is. The mother of all stupidities is the PAP.

Why PAP like to pwned itself huh?

Salute! Who is the superhero who dug out the dirt in PA? Deserve to be made God of Sammyboy forum

winnipegjets said:

Ernest Kan won't dare to utter a word against the PAP. His rice bowl is tied to the PAP.

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He is an attack dog !

Dumbfuck opposition supporting retard. Just because you don't bother to read what is going on does not mean the government is hiding it or not dealing with it

In its statement, the PA also noted that Workers’ Party chief Low Thia Khiang had raised the issue of the PA’s financial reports in Parliament in 2008, and “was fully responded to”.

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http://www.singapolitics.sg/news/pa-responds-online-reports-its-accounts

wMulew said:

Dumbfuck opposition supporting retard. Just because you don't bother to read what is going on does not mean the government is hiding it or not dealing with it



http://www.singapolitics.sg/news/pa-responds-online-reports-its-accounts

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Hey, Fuck your Mother Phua Chee Bye! :oIo: Raised in 2008, continued having the same problem in 2009, 2010, 2011.

I_Hate_Pappies said:

Hey, Fuck your Mother Phua Chee Bye! :oIo: Raised in 2008, continued having the same problem in 2009, 2010, 2011.

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In addition, in 2009 or 2010, Khaw never thought of sending Tharman to audit PA.

Same ministers were around since 2001 or earlier.

tanwahp said:

In addition, in 2009 or 2010, Khaw never thought of sending Tharman to audit PA.

Same ministers were around since 2001 or earlier.

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Whether same minister or not, the fact that nothing was done over the same issues over the years tells you something, doesn't it?

That's why LKT and SL wants a trial - they can call the witnesses....

Hell has a way of turning into heaven.
Some call it retribution.

this is call unfair competition...PAP given plenty of time to solve audit problem while others are not!

ZorrorroZ said:

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