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#1
20-02-2014, 09:40 PM
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Pa auditors gave 'adverse opinion' for 5 years but pap focuses only on ahpetc?
An honorable member of the Coffee Shop Has Just Posted the Following:
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/...es-only-ahpetc ps:details of the reports are in the link. Click here to view the whole thread at www.sammyboy.com. 
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