MND Press Statement on AHPETC

[Playtime]

 

In that few sentences he basically summed up problems then and now

His comments about the parachuted "prefectorial army navy types", while spot on, will ensure more uninvites in future.

 

He's looking and sounding more presidential than the istana guy. .. but then he would have possibly done a 70/30 win if a run off had been held as should.

One things for sure, he will never be invited to istana again.

[Kangadrool]

His comments about the parachuted "prefectorial army navy types", while spot on, will ensure more uninvites in future.

 

He's looking and sounding more presidential than the istana guy. .. but then he would have possibly done a 70/30 win if a run off had been held as should.

One things for sure, he will never be invited to istana again.

next round if he wins, he can live inside.

[Vulcann]

next round if he wins, he can live inside.

 

....& invite then un-invite other folks at his pleasure

[Baal]

Oops, I just created a new Thread using the above...... 2015........

[Bystander50]

 

moving to WP wards ?

 

Don't give the wrong idea to move to WP wards.

WP or other opps, just need ONE additional vote to their favour to win.

 

Rather he stays where he is to bring down the vote count of the pappies than increasing the % count of votes of the opps as it serves not much real purpose as it was already won. His one vote in other pappies terrority may mean a win or lose to them.

[Baal]

http://www.tremeritus.com/2014/02/24/adverse-opinion-disclaimer-of-opinion-defined/

 

 

‘Adverse opinion’ & ‘disclaimer of opinion’ defined

 

February 24th, 2014 | Author: Editorial

Considering that the PAP-friendly People’s Association and the opposition-run Aljunied-Hougang-Punggol East Town Council got an “adverse opinion” and a “disclaimer of opinion” against their financial statements respectively, TRE thought it would be a good idea to look up the definition of these audit terms.

 

TRE trawled the internet and uncovered the following:

 

Investopedia – a website devoted to investing education – says there are three types of audit opinion i.e. unqualified opinion, qualified opinion and adverse opinion. It does not mention “disclaimer of opinion” as a fourth category [Link]:

 

 

Definition of ‘Auditor’s Opinion’

A certification that accompanies financial statements and is provided by the independent accountants who audit a company’s books and records and help produce the financial statements. The auditor’s opinion will set out the scope of the audit, the accountant’s opinion of the procedures and records used to produce the statements, and the accountant’s opinion of whether or not the financial statements present an accurate picture of the company’s financial condition.

 

There are generally three types of auditor’s opinions.

 

A “clean” or unqualified opinion states that the financial statements present a fair and accurate picture of the company and comply with generally accepted accounting principles.

 

A qualified opinion contains exceptions, which may include the scope of the audit.

 

An adverse opinion contains a major exception or warning. The most well-known adverse opinion is the “going-concern” exception, in which the accountant expresses doubts about the company’s ability to remain in business.

Investopedia on what is an “adverse opinion” [Link]:

 

 

Definition of ‘Adverse Opinion’

A professional opinion made by an auditor indicating that a company’s financial statements are misrepresented, misstated, and do not accurately reflect its financial performance and health. Adverse opinions are usually given after an auditor’s report, which can be internal or independent of the company.

Adverse opinions are not a good thing for companies because it implies wrongdoing. An adverse opinion is a red flag for investors and can have major negative effects on stock prices. Auditors will usually give a red flag if the financial statements are significantly different from generally accepted accounting principals (GAAP).

 

 

eHow – an online how-to guide with more than 1 million articles and 170,000 videos offering step-by-step instructions – recognises four types of audit opinion, but says that “a disclaimer of opinion report is rare” [Link]:

There are four primary types of audit reports auditors create. The auditor’s report choice is determined by how easily he can access the audited entity’s information and how clear the financial records are.

 

Unmodified Opinion reports are given when the auditors are able to access all the data they need in the proper formats. Qualified Opinions are given when there are parts of financial records missing or not conforming to the proper standards. Adverse Opinions are made when the company’s financial situation as a whole is unreliable or unconfirmed, and Disclaimers are made when the auditor isn’t able to finish the report.

 

An audit report is an official evaluation of an entity’s financial status, combined with the auditor’s opinions and collected data on the entity’s financial transactions and situation. This is a common process for companies to use when examining their own records and releasing financial information to investors or potential investors.

 

An adverse opinion report is a negative response that occurs only when the auditor finds the company’s records as a whole are uninformative and not in line with GAAP, or if the financial records have been falsified or are in other ways erroneous. The accountants add paragraphs explaining these problems and giving their opinions as to how the records differ from GAAP.

 

The disclaimer report is issued only when the auditors are unable to perform their work. When not enough time or information is available, a disclaimer of opinion report is issued. This is rare: An auditor will often only make this report if the company refuses to reveal specific information or if the auditing firm and the company break their contract.

 

Last but not least, a netizen hound297 on the popular HardwareZone forum volunteered [Link]:

 

 

Basically, there are 4 types of Audit Opinions:

 

(1) Unqualified Opinion

(2) Qualified Opinion

(3) Disclaimer of Opinion

(4) Adverse Opinion

 

For (1) it means that the auditor “concludes that the financial statements give a true and fair view or are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.”

 

In other words, the auditor finds that the accounts are in good condition and everything is accounted for.

 

For (2) it means that the “auditor concludes that an unqualified opinion cannot be expressed but that the effect of any disagreement with management, or limitation on scope is not so material and pervasive as to require an adverse opinion or a disclaimer of opinion.”

 

In other words, the auditor find a few small problems here and there but those issues are not serious enough to give them a bad rating (4).

 

For (3) it is expressed when the “possible effect of a limitation on scope is so material and pervasive that the auditor has not been able to obtain sufficient appropriate audit evidence and accordingly is unable to express an opinion on the financial statements.”

 

In other words, the auditor diam diam don’t want to give an opinion because not enough information has been provided for him to make a fair opinion.

 

For (4) It is expressed when the “effect of a disagreement is so material and pervasive to the financial statements that the auditor concludes that a qualification of the report is not adequate to disclose the misleading or incomplete nature of the financial statements.”

 

In other words, it means that the auditor find that the accounts got a lot of problems.. BIG problems… this is the lowest rating.

 

[Heartlander]

 

....& invite then un-invite other folks at his pleasure

 

You think too highly of the post already. President is only ceremonial here leh. Think his role is only to shake hands and photo-taking.

 

[Count-Bracula]

His comments about the parachuted "prefectorial army navy types", while spot on, will ensure more uninvites in future.

 

He's looking and sounding more presidential than the istana guy. .. but then he would have possibly done a 70/30 win if a run off had been held as should.

One things for sure, he will never be invited to istana again.

Open house can go no need for invitation

 

You think too highly of the post already. President is only ceremonial here leh. Think his role is only to shake hands and photo-taking.

 

AND carry babies

[Blackyv]

Open house can go no need for invitation

AND carry babies

 

and not forgetting help out when someone tripped and fall down right infront of him...

[Baal]

http://www.tremeritus.com/2014/03/07/ahpetc-not-surprised-by-red-grade-for-governance/

 

 

AHPETC not surprised by ‘red’ grade for governance

 

March 7th, 2014 | Author: Editorial

Minister Khaw Boon Wan

 

 

The Ministry of National Development (MND) has given Aljunied-Hougang-Punggol East Town Council (AHPETC) a “red” grade for corporate governance, in a statement released today (7 Mar).

 

Last November, MND published the FY2012 Town Council Management Report (TCMR) for all Town Councils (TCs) with AHPETC’s corporate governance assessment marked “pending”, as it had then not submitted its FY2012 audited financial statements and other necessary reports to MND.

 

AHPETC finally submitted the required documents on 10 February 2014.

 

MND said it has assessed AHPETC’s corporate governance based on its submission.

 

MND notes – from the report of AHPETC’s auditor, Foo Kon Tan Grant Thornton LLP – that AHPETC had not complied with the provisions of the Town Councils Act and the Town Councils Financial Rules, and that AHPETC had at least 2 counts of contraventions:

 

1. Failure to transfer funds into the bank account of the sinking funds, as required under Rule 4(2B)(a) of the Town Councils Financial Rules; and
2. Failure to keep proper accounts and records of its transactions and affairs, as required under section 35 of the TCs Act.

“In view of the above observations, AHPETC’s corporate governance will be graded ‘red’ for the FY2012 TCMR and will be updated accordingly in the TCMR,” MND said.

 

The TCMR for FY2012 is as follows [Link]:

 

 

In response to MND’s statement on the banding for AHPETC’s corporate governance, AHPETC chairman Sylvia Lim said it “comes as no surprise”.

 

She said in a statement:

 

 

We have noted the Ministry of National Development (MND)’s statement today indicating the Town Council’s banding for corporate governance under the Town Council Management Report (TCMR) framework, which comes as no surprise.

The factors that MND took into consideration included matters on which we had provided information in our statement of 14 February 2014 and in the Town Council’s Annual Report itself. These matters are the subject of an ongoing audit by the Auditor-General’s Office, and we will respond further, if there is a need to, after the audit.

 

Last month, Minister Khaw asked Finance Minister Tharman to instruct the Auditor-General to audit AHPETC’s financial statements after the town council’s auditor issued a “disclaimer of opinion”.

 

The opposition-run AHPETC then replied on 14 February 2014 [Link] that their auditor did not give them an “adverse opinion” for its financial statements. AHPETC said, “They (auditors) have also stated clearly that apart from their specific observations, our books, accounts and records have been kept in accordance with the Town Councils Act. The full audited report can be found at www.ahpetc.sg.”

AHPETC explained:

 

 

At FY 2011, the auditors had tried to request information from former auditors, unsuccessfully. Repeated attempts by the Town Council (TC) to obtain information from the former Managing Agent (MA) and government authorities, such as asking MND / the Housing and Development Board regarding $1.12 million which the PAP-run Aljunied TC had recorded as receivables from the Citizens Consultative Committees (CCCs) for Town Improvement Projects, did not yield answers.

Attempts in FY 2012 to get the information were also unsuccessful. Unless those agencies with the required information furnish them to the TC, it is likely that information gaps will remain and the accounts will continue to be qualified every year. In this regard, we note that MND could well be the best party to assist the TC to resolve some of the key information gaps.

 

 

AHPETC rejected any allegation of impropriety. They challenged any authority or anyone believing there was wrongdoing to report the matter to the Corrupt Practices Investigation Bureau (CPIB). They would co-operate fully in any CPIB investigations.

 

AHPETC themselves sought MND’s co-operation: “As MND has expressed its concerns over our accounts, we seek its assistance in resolving the issues raised by our auditor, by helping us verify and confirm the various opening figures handed over from the former Aljunied TC,”

 

[Playtime]

There should be a public coi into the events leading up to and following the pap's defeat in aljunied.

The intention of AIM and the "handover" must be properly investigated.

 

If the actions of a few drunken foreign workers warrant a COI.

 

Surely This demands more. And criminal charges if need be.