MND Press Statement on AHPETC

[ins1dious]

i think auditor should provide detailed report on the items which they were unable to verify

 

and

 

wp should come clean with a detailed report on the same items

 

Details should be in the Notes section. Not able to find it online.

 

But yes, have to wait for WP comments. Numbers always move around to reflect current accrued income/expenses and spending. And as one poster said, he's found tangible improvements in his neighbourhood so it can't be all that bad.

 

Conflict of interest however... I think there should have been an open tender before awarding large contracts. Was there any?

[ShepherdPie]

i think auditor should provide detailed report on the items which they were unable to verify

 

and

 

wp should come clean with a detailed report on the same items

 

 

Hopefully wp will come out and clarify the 13 points.

It doesn't bother me, From 2011, I have seen improvements like, new playgrounds, road widening, sheltered walk ways, increased open air car park lots. Rightfully these are suppose to be the norm. But because, such works were unseen previously, hence I feel glad when it should be done w/o asking.

 

And of course those charges came from? Hence, I will just ignore & treat as 154th.

 

Even if charges are true....I still cant deny the benefits. In fact I will then question in my head, for those grcs who collected their $ efficiently, ??

 

 

i think it's not what $$ are spend on.. it's how the $$ is accounted.

 

If they paid $10 for something with $1.. then we will have to know.

 

I believe one of the point is that there are some $$ missing from the report.. which is a more few million.. that's a big concern.

[Jman888]

Aiya, politics at play. Late submission only mah. Pay fine loh.

 

MRT trains so many breakdowns and delays, the transpork minister only voice disappointment but neber do anything. Late paperwork vs train breakdowns, why nobody go disturb the more important issue?

 

 

it is all about number as you know they are good at that. SME can drag 2-3 years nobody cares, TC need to meet ISO standard cos everyone is looking at them now.

Edited February 14, 2014 by Jman888

[Mockngbrd]

I will still rather vote WP than PAP ler

[Playtime]

The question should be the whole legitimacy of the concept of GRC.

 

a big GRC is like a SME. If you sack the entire staff of a SME and they deliberately plant land mines before they go, what do you think will happen? ??

 

Are you electing national leaders or estate and building managers? ?

 

The town council itself should be professionally run by non political players. Or by the HDB, else wtf do you pay millions to ministers for? ?.

 

The current situation is (remember AIM) symptomatic of how the system had been so manipulated to benefit the incumbent and not the residents.

 

 

it is all about number as you know they are good at that. SME can drag 2-3 years nobody cares, TC need to meet ISO standard cos everyone is looking at them now.

Replace the entire staff of a SME periodically and I assure you that it will be a falling Enterprise.

 

But people fail to see TCs are being set up this way.

TCs should be non political in nature with proper continuity of ops.

[Kxbc]

Let's assume for a moment that the company in the report is a normal pte ltd company with no political affiliations.

 

And say you want to invest in this company and as part of due d, you obtain their audited FS and audit reports for the last 2 years. After going through those reports, who here will put up his hand to say "Aye!I will inject $xxm to buy over zz% of this company and be a shareholder."

 

It is actually quite difficult to get an adverse audit report rating mind you. Even if you had just done the bare minimum at book keeping, you can easily obtain a true and fair opinion from the auditors though you might just receive a longer list of mgt letter points (likely control issues) and audit adjustments. Of course that assumes no cooking of the books.

 

Foo Kon Tan might not be one of the Big 4 but they are at least one of the larger 2nd tier auditors in Singapore. For them to issue an adverse report, I would bet loads of crap in their accounts.

 

And yes, I will not raise my hand and say "Aye". I will not inject my cash into a company with a poor audit opinion record.

[Othello]

where was MND when various PAP town councils lost MILLIONS in the Lehman Brothers crisis ????

 

jiak liao bee

[Lala81]

where was MND when various PAP town councils lost MILLIONS in the Lehman Brothers crisis ????

 

jiak liao bee

 

don't be stupid lah. there's a difference between putting money in a instrument that lost money vs just missing money. missing receipts.

 

Seriously, for anyone running even a simple business also know the importance of upkeeping the books. Whether u take over anything or not, book keeping is BASIC management

 

If the auditors flag up until like that means really got lot of holes in the accounts.

before the auditors submit, have more than enough time to find out what happened to all the "holes". If u dun know what happened yesterday today, u sure won't be knowing what happened 3 days later.

Edited February 14, 2014 by Lala81

[RH1667]

The question should be the whole legitimacy of the concept of GRC.

 

a big GRC is like a SME. If you sack the entire staff of a SME and they deliberately plant land mines before they go, what do you think will happen? ??

 

Are you electing national leaders or estate and building managers? ?

 

The town council itself should be professionally run by non political players. Or by the HDB, else wtf do you pay millions to ministers for? ?.

 

The current situation is (remember AIM) symptomatic of how the system had been so manipulated to benefit the incumbent and not the residents.

 

Replace the entire staff of a SME periodically and I assure you that it will be a falling Enterprise.

 

But people fail to see TCs are being set up this way.

TCs should be non political in nature with proper continuity of ops.

 

Agreed, TC should be non-partisan, regardless which party is running / win that location, the team running it should be the same and provide the same level of support and integrity.

[Lurpsexx]

 

Seriously, for anyone running even a simple business also know the importance of upkeeping the books. Whether u take over anything or not, book keeping is BASIC management

 

If the auditors flag up until like that means really got lot of holes in the accounts.

before the auditors submit, have more than enough time to find out what happened to all the "holes". If u dun know what happened yesterday today, u sure won't be knowing what happened 3 days later.

 

Who's the accounting firm hired to maintain the accounts? Only they know best the background of this audit issue.

 

I doubt LTK or Sylvia knows the technicalities. So lets wait and let the accounting pros sort this out. No doubt the buck stops with LTK, but let's see the end results.

 

I don't think the ext auditors issued an adverse opinion. Just that they lack sufficient evidence to issue an unqualified one.

 

I just dun like MND jutting in and issuing a newpaper pronouncement that sounds as if this Aljunied GRC committed a crime. All ministries are apolitical and should not work for the interests of a specific political party. Now PA and MND shows they are nothing but stooges of the sour losers .....

[Silver_blade]

Agree with some here, put all the political stuff aside and look at the numbers alone. Missing money is serious and need clarification.

[ShepherdPie]

 

Agreed, TC should be non-partisan, regardless which party is running / win that location, the team running it should be the same and provide the same level of support and integrity.

 

 

TC day to day job is not run by elected MP lah.. it's by mgmt company which is appointed by the party.

 

However, if there is no capable ppl in the part to running a mgmt company.. that's a big problem if they are elected into cabinet.

 

Just like taiwan.. very messy after Chen took over, Beside Chen's corruption , there is just not enuff good enuff people running the different agency. 921 is a very good example.. alot of miscomm and alot life lost because of the poor mgmt.

 

Who's the accounting firm hired to maintain the accounts? Only they know best the background of this audit issue.

 

I doubt LTK or Sylvia knows the technicalities. So lets wait and let the accounting pros sort this out. No doubt the buck stops with LTK, but let's see the end results.

 

I don't think the ext auditors issued an adverse opinion. Just that they lack sufficient evidence to issue an unqualified one.

 

I just dun like MND jutting in and issuing a newpaper pronouncement that sounds as if this Aljunied GRC committed a crime. All ministries are apolitical and should not work for the interests of a specific political party. Now PA and MND shows they are nothing but stooges of the sour losers .....

 

Lawyers work very closely with auditors one.. and they have basic knowledge of what is okay and what is not okay. They need to go through the books when they fight cases, understanding the damages and liabilities for negotiation. I bet some of them are more verse than CEO on accounting practices.

 

So dun dismiss their responsiblity because they are "layman".

Edited February 14, 2014 by ShepherdPie

[Playtime]

Agree with some here, put all the political stuff aside and look at the numbers alone. Missing money is serious and need clarification.

Highly doubt it's literally missing la. More paperwork errors than corruption which the papers seems to try to imply? ?

 

As long as TC are run as the private fiefdom of political parties, this will happen. It's just a stupid way to do business.

 

If more grcs change hands, expect even more. Of course it's to the extreme benefit of some that this stage of affairs continue.

And extreme disservice to residents.

Should the system change? Of course. .. but it won't. It will be squeezed for every last political drop of blood.

[RH1667]

 

 

TC day to day job is not run by elected MP lah.. it's by mgmt company which is appointed by the party.

 

However, if there is no capable ppl in the part to running a mgmt company.. that's a big problem if they are elected into cabinet.

 

Just like taiwan.. very messy after Chen took over, Beside Chen's corruption , there is just not enuff good enuff people running the different agency. 921 is a very good example.. alot of miscomm and alot life lost because of the poor mgmt.

 

Than I guess it is unfortunate that the big and more established estate management company may stay away from " non-government party " company estate, perhaps due to worry " non-economy of scale ".

 

Thanks

[Albeniz]

 

Agreed, TC should be non-partisan, regardless which party is running / win that location, the team running it should be the same and provide the same level of support and integrity.

 

Not just TC, People Association (PA) should be non-partisan too.

[Jman888]

 

Who's the accounting firm hired to maintain the accounts? Only they know best the background of this audit issue.

 

I doubt LTK or Sylvia knows the technicalities. So lets wait and let the accounting pros sort this out. No doubt the buck stops with LTK, but let's see the end results.

 

I don't think the ext auditors issued an adverse opinion. Just that they lack sufficient evidence to issue an unqualified one.

 

I just dun like MND jutting in and issuing a newpaper pronouncement that sounds as if this Aljunied GRC committed a crime. All ministries are apolitical and should not work for the interests of a specific political party. Now PA and MND shows they are nothing but stooges of the sour losers .....

 

 

no one is asking LTK or Sylvia to know how the book are kept cos it is the job of the TC which they appointed to maintain. Actually they should also be questioning the TC why they fail the audit.

 

like i say if it was an SME no one would bother to look at it, but when happen to a TC of opp ward, they probably have to do better than that, this is politic.

[Knoobie]

can someone explain to me why is there a need for TC to do investments in the first place?

[Ender]

This is serious. How did their account gets so messy.

 

This could be it, WP finally kenna fixed..