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14-02-2014, 11:30 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
Workers' Party says government statement on its town council finances incomplete
Here is WP's statement:
We refer to the media statement by the Ministry of National Development (MND) released on the evening of 13 February 2014. Therein, MND highlighted various concerns regarding the auditor's report on the financial statements of Aljunied-Hougang Town Council (AHTC) for Financial Year 2012. As MND's observations as stated are incomplete and will mislead the public, it is therefore necessary to put the MND's statement in proper perspective.
The auditors have given us a qualified report. It is not an adverse report. They 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 (http://www.ahpetc.sg).
In its media statement, MND highlighted the auditors' inability to verify certain figures. We do understand the auditors' plight, as there were information gaps that existed at the handover after the General Election 2011 which to date are still not filled.
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.
We refer next to the transfer of monies to the TC Sinking Fund in FY 2012. We acknowledge that the TC's practice of transferring monies to the Sinking Fund after deducting Sinking Fund expenses was an oversight, which has since been rectified. This oversight did not result in any loss of monies nor unauthorized spending. The auditors' advice has been taken to ensure a physical transfer of monies from the Operating Fund of the TC to the Sinking Fund every quarter from now on.
Mass media reports have repeated past insinuations of impropriety in the TC awarding the MA contract to FM Solutions and Services Pte Ltd (FMSS). These must be debunked.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?174976-WP-TC-responds-to-the-PAP-attack-on-financial-statement&goto=newpost).
Workers' Party says government statement on its town council finances incomplete
Here is WP's statement:
We refer to the media statement by the Ministry of National Development (MND) released on the evening of 13 February 2014. Therein, MND highlighted various concerns regarding the auditor's report on the financial statements of Aljunied-Hougang Town Council (AHTC) for Financial Year 2012. As MND's observations as stated are incomplete and will mislead the public, it is therefore necessary to put the MND's statement in proper perspective.
The auditors have given us a qualified report. It is not an adverse report. They 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 (http://www.ahpetc.sg).
In its media statement, MND highlighted the auditors' inability to verify certain figures. We do understand the auditors' plight, as there were information gaps that existed at the handover after the General Election 2011 which to date are still not filled.
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.
We refer next to the transfer of monies to the TC Sinking Fund in FY 2012. We acknowledge that the TC's practice of transferring monies to the Sinking Fund after deducting Sinking Fund expenses was an oversight, which has since been rectified. This oversight did not result in any loss of monies nor unauthorized spending. The auditors' advice has been taken to ensure a physical transfer of monies from the Operating Fund of the TC to the Sinking Fund every quarter from now on.
Mass media reports have repeated past insinuations of impropriety in the TC awarding the MA contract to FM Solutions and Services Pte Ltd (FMSS). These must be debunked.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?174976-WP-TC-responds-to-the-PAP-attack-on-financial-statement&goto=newpost).