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PAP & MSM Using Professional Organisations As Part of "Dirty Politics"

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xingguy

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PAP & MSM Using Professional Organisations To Fix The Opposition

Source: The Alternative View
1896934_655432597851409_404922830_n.jpg


PAP and state-controlled media using professional organisations as part of "dirty politics"?

The State-controlled Channel News Asia helmed by potential PAP MP material Shaun Seow, has up the ante in the latest scandal concocted to bring disrepute to The Workers' Party.

On Friday, it broadcasted an interview with the President of the Institute of Singapore Chartered Accountants (ISCA), Ernest Kan who opined that the "qualified opinion" on AHPETC's financials was serious as:

"It could well be that the sufficiency of documentation is not adequate. It could also mean that for the information that they have, they may have misplaced or worse, documented a transaction but there is no supporting document."

It has since been revealed that Ernest Kan whom the Channel News Asia enlisted for help is a key PAP grassroots member as he is the Chairman of the Punggol North CCC which is under the PA whose chairman is Lee Hsien Loong.

In addition, the ISCA is closely linked to the PAP having appointed Teo Ser Luck as its Advisor and Gerard Ee as Vice-President in 2009. This was the same time during which Ernest Kan was appointed as President. Hence it is safe to surmise that he knows the PAP's senior echelons quite well given that the President would not run if he was not assured of a familiar team to work with.

http://www.icpas.org.sg/mediacentre/Article.aspx?artid=51

Channel News Asia also quoted a resident by the name of Madeline Ng who said that the cleanliness of Aljunied GRC was "okay". It is not know who this Madeline Ng is but this is slipshod reporting. If Channel News Asia wants to know what a PAP ward's state of cleanliness looks like, we will gladly obliged.

But what is at issue here is not physical cleanliness. This episode is about the shameful dirty politics that the PAP is engaging in to seize back power. It is unable to sue WP MPs as the latter have been astute in not falling under any trap of defamation. So it appears that it is now using other channels like professional organizations to lend credibility to its "strategy".
 
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xingguy

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Qualified Opinion as defined by Wikipedia

Qualified Opinion report

Qualified report is given by the auditor in either of these two cases:
1. When the financial statements are materially misstated due to misstatement in one particular account balance, class of transaction or disclosure that does not have pervasive effect on the financial statements.

2. When the auditor is unable to obtain audit evidence regarding particular account balance, class of transaction or disclosure that does not have pervasive effect on the financial statements.

The report is mostly like a Clear Opinion Report and only includes a paragraph viz. Basis for Qualification after Scope paragraph and before Opinion paragraph. Opinion paragraph in addition to its standard wording includes “except for the matter described in Basis for Qualification paragraph the financial statements give true and fair view.”

Detailed below:
A Qualified Opinion report is issued when the auditor encountered one of two types of situations which do not comply with generally accepted accounting principles, however the rest of the financial statements are fairly presented.

This type of opinion is very similar to an unqualified or "clean opinion", but the report states that the financial statements are fairly presented with a certain exception which is otherwise misstated.

The two types of situations which would cause an auditor to issue this opinion over the Unqualified opinion are:
  • Single deviation from GAAP – this type of qualification occurs when one or more areas of the financial statements do not conform with GAAP (e.g. are misstated), but do not affect the rest of the financial statements from being fairly presented when taken as a whole. Examples of this include a company dedicated to a retail business that did not correctly calculate the depreciation expense of its building. Even if this expense is considered material, since the rest of the financial statements do conform with gaap, then the auditor qualifies the opinion by describing the depreciation misstatement in the report and continues to issue a clean opinion on the rest of the financial statements.

  • Limitation of scope – this type of qualification occurs when the auditor could not audit one or more areas of the financial statements, and although they could not be verified, the rest of the financial statements were audited and they conform to GAAP. Examples of this include an auditor not being able to observe and test a company's inventory of goods. If the auditor audited the rest of the financial statements and is reasonably sure that they conform with GAAP, then the auditor simply states that the financial statements are fairly presented, with the exception of the inventory which could not be audited.
The wording of the qualified report is very similar to the Unqualified opinion, but an explanatory paragraph is added to explain the reasons for the qualification after the scope paragraph but before the opinion paragraph.

The introductory paragraph is left exactly the same as in the unqualified opinion, while the scope and the opinion paragraphs receive a slight modification in line with the qualification in the explanatory paragraph.

The scope paragraph is edited to include the following phrase in the first sentence, so that the user may be immediately aware of the qualification. This placement also informs the user that, except for the qualification, the rest of the audit was performed without qualifications:

"Except as discussed in the following paragraph, we conducted our audit..."​

The opinion paragraph is also edited to include an additional phrase in the first sentence, so that the user is reminded that the auditor's opinion explicitly excludes the qualification expressed.

Depending on the type of qualification, the phrase is edited to either state the qualification and the adjustments needed to correct it, or state the scope limitation and that adjustments could have but not necessarily been required in order to correct it.

For a qualification arising from a deviation from GAAP, the following phrase is added to the opinion paragraph, using the depreciation example mentioned above:

"In our opinion, except for the effects of the Company's incorrect determination of depreciation expense, the financial statement referred to in the first paragraph presents fairly, in all material respects, the financial position of…"​

For a qualification arising from a scope of limitation, the following phrase is added to the opinion paragraph, using the inventory example mentioned above:

"In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to perform proper tests and procedures on the Company's inventory, the financial statement referred to in the first paragraph presents fairly, in all material respects, the financial position of…"​

Due to the phrases added to the scope and opinion paragraphs, many refer to this report as the Except-For Opinion
 
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escher

escher

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Serious cleansing with piano wires and lamp posts long overdue.
That should have started immediately after WW2 on smear of shit on sole of shoe LKY and his prataman.

Better late then never.

In the mean time, see their dogs and corrupt perverted kangaroos
When smear of shit on sole of shoe become a rotting corpse
And when we know the extent of their thefts, stinkaporeans will be singaporeans with piano wires in hands
 
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